In today's program Cody Weddle speaks with international analyst Vladimir Adrianza Salas, about the economic situation in Venezuela. With regards to recent changes in certain exchange rates, our guest comments that the exchange rate is based on the fact that 96% of the dollars produced in Venezuela come from the oil industry. There has been a recent drop in revenues because of the drop in oil prices, so in order to protect the revenues, an exchange rate control was established in 2004. Now a new measure has been passed to put an end to the black market: SIMADI. This means that both public and private entities, as well as common people, can buy dollars or foreign currency to meet their needs. The effect of SIMADI will be to protect the people. Dr. Alianza also comments on the economic war being waged against Venezuela by methods such as the hoarding of basic staples including medicines for the purpose of creating scarcity. And he talks of the methods initiated by President Hugo Chavez to decrease the control of the economy by the private sector and use Venezuela's resources for the benefit of the people. These efforts continue under the Maduro government.
