National Constituent Assembly passes bill that repeals the Illicit Exchanges Law
3 agosto 2018

The National Constituent Assembly (ANC) unanimously passed the presidential bill that repeals the Illicit Exchanges Law (2015) August 2nd, which was introduced to the ANC by the Sectoral Economy Vice President Tareck El Aissami on that day. The purpose of the revocation is to give legal certainty to the private sector in order to foster local and foreign investment and to curb the unrealistic fixing of currency prices, promoted by “money-changing mafias”. The Executive will enact the measure and publish it in the Official Gazette in the upcoming days.


The president of the ANC, Diosdado Cabello (Partido Socialista Unido de Venezuela – PSUV), said that all the money generated will be used to consolidate the model of social inclusion, promoted by the policies of Venezuelan President Nicolás Maduro. Also, all Venezuelans will be able to buy foreign currency and “fight the speculation of imperialist agents,” said the constituent Orlando Camacho (PSUV).  


The decree that repeals the Illicit Exchanges Law was issued by President Maduro July 25th. On that occasion, the President also postponed the monetary reconversion to August 20th and announced that the new monetary cone (Bolívar Soberano) will have five zeros less than the current currency (Bolívar). All these measures are aimed at stabilising the country’s price system and finances.

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