CARACAS -(Dow Jones)- The Venezuelan government has no plans to devalue its currency, which is pegged to the dollar, the Planning Minister said according to a government press released published Thursday.
Haiman El-Troudi, the Planning Minister, said that "we're not considering changing the national exchange rate policy," in a speech addressing business leaders.
He stressed that the government will maintain the current peg to the dollar at the price of 2.15 bolivars. "Some people want to speculate that we will devalue. That's something that's not even being examined," he said.
The Planning Minister said that new measures announced by President Hugo Chavez last month will make it easier for importers to buy at the official rate by cutting red tape and speeding up their requests to the Cadivi currency commission, which is in charge of selling dollars at the official rate.
The government announced last month that requests to buy less than $50,000 at the VEB2.15 rate will be approved automatically, seeking to lighten the backlog of applications in Cadivi.
Companies and individuals that don't receive approval to buy dollars at the official rate have to turn to the black market, where they must currently pay a 60% premium.
Venezuela imposed capital controls in 2003 amid massive capital flights during an economic crisis.
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