ANC supports program of economic recovery and prosperity

The ANC approved a Constituent Decree in support of the announcements made by the President of the Bolivarian Republic of Venezuela, Nicolás Maduro, about the program for economic recovery and prosperity.

Among the considerations were listed: The economic war implemented by national and foreign factors; the necessary and urgent recovery of the productive capacity of all sectors of the national economy; the Bolivarian Government’s task of recovering the purchasing power of the population, of guaranteeing exchange stability and the value of the currency; and to guarantee the social rights of the entire population through the implementation of social and material protection policies.

For these reasons, the highest instance of the Constituent Power decreed:

– To support the start of the new monetary cone, starting on August 20, 2018 and the suppression of 5 zeros in the denominations of the current monetary cone, to provide greater strength and stability of the Sovereign Bolivar, whose reference value will be anchored to the Petro, and this in turn associated with the price of a barrel of Venezuelan oil.

– To support the policy of the New Economic Start with regard to the draft on the Constituent Decree on exchange illicit, with the purpose of encouraging and allowing investment in foreign currency, which input to the foreign currency necessary for the national economy, thus opening a space to the functioning of exchange houses and exchange operations between the different actors of the national economy.

– To accompany the decision to place in the BCV as an asset in its international reserves, Field No. 2 of the Ayacucho Block of the Hugo Chávez Orinoco Oil Strip, which contains a certified reserve of 29,298 million barrels.

– To endorse the decree for the exoneration of taxes and levies for the importation of capital goods, raw materials, inputs, agricultural supplies, spare parts, machinery, equipment, manufactured products, for the purpose of the national productive recovery.