Venezuela: Devaluation of the Bolivar
Description
On 8 January 2010, the Venezuelan government announced the devaluation of the Bolivar. Instead of the existing fixed exchange rate at 2.15 Bs/US Dollar, the government now operates a two-tier system.
For designated transfers, Bolivars can be exchanged against US Dollars at a rate of 2.60 Bs/US$. The categories defined prioritary are imports for the public sector as well as enumerated priority imports. Also subject to the first tier are family remittances, transfers to exchange students, pensioners, consulates or embassies in Venezuela.
For non-priority transfers, a second tier named "petrol dollar" has been constituted. Transfers in this tier will receive foreign exchange at the rate of 4.3 Bs/US$. This category includes all non-public, non priority sector imports to Venezuela.
The measure is effective from 11 January 2010. A detailed list of exchange rates associated to each tariff line has been published in the Oficial Gaceta on 13 January 2010.
Any Evidence-Based Deliberation:
| Question | Result |
|---|---|
| Is there anything in the public record to suggest that evidence of the effectiveness of the proposed measure was considered during official deliberations? | |
| Is there any evidence that alternatives to the proposed measure were considered? | |
| Is there anything in the public record that suggests that empirical evidence informed the comparison across the alternatives available to government? | |
| Was such evidence identified? | |
| Is such evidence publicly available? | |
| Did the official decision-maker in question provide an explanation as to why a chosen measure was favoured over alternatives? | |
| Is there any evidence to suggest that potentially affected trading partners were consulted before the measures were taken? | |
| Is there any evidence that safeguards have been put in place to ensure that implementation of the initiative is transparent and non-discriminatory? | |
| Did the government state its intention to review the measure within one year of implementation? |
Date Discovered:
Implemented: Yes
Date of inception: 11 Jan 2010
GTA Evaluation: Red
Source:
Gaceta Oficial. (8 January 2010). Ministerio del poder popular para economia y finanzas, p.374.064. Available at http://www.tsj.gov.ve/gaceta/Enero/812010/812010.pdf
Gaceta Oficial. (13 January 2010). Ministerio del poder popular para economia y finanzas, p.374.128. Available a http://www.tsj.gov.ve/gaceta/Enero/1312010/1312010.pdf#page=2
Government Response:
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