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RECADI
The Office of Differential Exchange Regime (RECADI) was an currency exchange control system in Venezuela implemented during the government of Luis Herrera Campíns that operated between 28 February 1983 (ten days after Viernes Negro) and 10 February 1989 to regulate the delivery of foreign currency. It was established to administer a system of differential exchange rates and capital controls. History On 15 June 1987, in compliance with Presidential Decree No. 1,544, RECADI ceased its functions; foreign currency purchase and sale operations, still restricted by the government, became directly administered by the Ministry of Finance. The system was dissolved in 1989, when the differential exchange rate system was abolished. On 24 February, an investigation was opened by presidential order against RECADI for alleged financial fraud. RECADI constituted a break in the highlight of Venezuelan corruption, and became a major scandal in 1989 when five former ministers were arrested. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ho Fuk Wing
Ho Fuk Wing, known colloquially as the ''el chinito de RECADI'' (), is a Chinese businessman, naturalized Venezuelan citizen, who was arrested between 1989 and 1992 and sentenced for "fraudulent exploitation" of the RECADI exchange control system. Detention On 28 April 1989, judge Luis Guillermo Larriva López issued an arrest warrant against the Chinese businessmen, naturalized Venezuelan citizens, Ho Fuk Wing and Ho Fuk Shum. On 1 June, Ho Fuk Wing was stopped by a traffic police officer in Valencia when he committed a traffic violation at a traffic light in the urbanization El Trigal. Both were charged with the crime of "fraudulent use" of state money for founding 19 fake import companies between 1984 and 1986 and obtaining dollars at preferential rates from the government. The arrest warrants were part of those issued against five businessmen for false imports into Venezuela as part of the Differential Exchange Regime (RECADI). Ho Fuk Wing was imprisoned for three years be ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Center For Foreign Commerce
The National Center for Foreign Commerce ( es, Centro Nacional de Comercio Exterior, CENCOEX), formerly the Commission for the Administration of Currency Exchange (Comisión de Administración de Divisas CADIVI), is the Venezuelan government body which administers legal currency exchange in Venezuela. The official buy/sell exchange rate was initially fixed at Bs.F. 4.28/Bs.F. 4.30 per US dollar (USD). History In 1983, a similar agency called "Differential Change Regime" (Régimen de Cambio Diferencial(RECADI)) was established to manage a system of differential exchange rates and capital controls, and disbanded in 1989 when the differential exchange rate system was abolished. RECADI saw widespread corruption, and became a substantial scandal in 1989 when five former ministers were arrested, although the charges were later dropped. Exchange controls under CADIVI were adopted on 5 February 2003 in an attempt to limit capital flight. In 2008, the Chavez government revalued the Ve ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Viernes Negro
''Viernes Negro'' ( en, Black Friday) in Venezuela refers to Friday, 18 February 1983, when the Venezuelan bolívar was devalued substantially against the US dollar. This event caused a significant destabilization of the currency and the Venezuelan economy. Background When Luis Herrera Campins became President in 1979, he received a "mortgaged Venezuela". Viernes Negro in Venezuela was preceded by events such as the departure of Venezuela from the gold standard, the nationalization of oil, and the beginning of a stage of decreasing public spending compared with State revenue. The situation worsened and was evident with the fall in oil prices that led to oil exports dropping from $19.3 billion in 1981 to around $13.5 billion in 1983 (a decrease of 30%), and the beginning of the Latin American debt crisis. These events produced a flight of capital of almost $8 billion and a corresponding decline in international reserves. President Herrera Campins also created different exch ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Corruption In Venezuela
The level of corruption in Venezuela is very high by world standards and is prevalent throughout many levels of Venezuelan society. Discovery of oil in Venezuela in the early 20th century has worsened political corruption. The large amount of corruption and mismanagement in the country has resulted in severe economic difficulties, part of the crisis in Bolivarian Venezuela. According to Transparency International's 2021 Corruption Perception Index, Venezuela scored a 14 on a scale from 0 ("highly corrupt") to 100 ("highly clean"). When ranked by score, Venezuela ranks number 177 among the 180 countries in the Index, where the country ranked number 1 is perceived to have the most honest public sector. A 2014 Gallup poll found that 75% of Venezuelans believed that corruption was widespread throughout the Venezuelan government. Discontent with corruption was cited by opposition-aligned groups as one of the reasons for the 2014 and 2017 Venezuelan protests. History The history of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jaime Lusinchi
Jaime Ramón Lusinchi (27 May 1924 – 21 May 2014) was a Venezuelan politician who was the president of Venezuela from 1984 to 1989. His term was characterized by an economic crisis, growth of the external debt, populist policies, currency depreciation, inflation and corruption that exacerbated the crisis of the political system established in 1958. Although accused of corruption after leaving office, Lusinchi was popular during his presidency, and was succeeded by a member of his Acción Democrática political party, Carlos Andrés Pérez. Background Jaime Lusinchi was born in Clarines, Anzoategui, on 27 May 1924. His mother María Angelica Lusinchi, who was of Italian-Corsican descent, gave him her family name. Growing up without the presence of a father (who probably was an Italian immigrant), Lusinchi attended elementary school in his native Clarines and Puerto Píritu, and high school at the Federal School of Barcelona, Anzoátegui. In 1941 he began to study Medicine a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Foreign Exchange Controls
Foreign exchange controls are various forms of controls imposed by a government on the purchase/sale of foreign currencies by residents, on the purchase/sale of local currency by nonresidents, or the transfers of any currency across national borders. These controls allow countries to better manage their economies by controlling the inflow and outflow of currency, which may otherwise create exchange rate volatility. Countries with weak and/or developing economies generally use foreign exchange controls to limit speculation against their currencies. They may also introduce capital controls, which limit foreign investment in the country. Rationale Common foreign exchange controls include: * banning the use of foreign currency within the country; * banning locals from possessing foreign currency; * restricting currency exchange to government-approved exchangers; * fixed exchange rates * restricting the amount of currency that may be imported or exported; Often, foreign exchange ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Venezuela
Venezuela (; ), officially the Bolivarian Republic of Venezuela ( es, link=no, República Bolivariana de Venezuela), is a country on the northern coast of South America, consisting of a continental landmass and many islands and islets in the Caribbean Sea. It has a territorial extension of , and its population was estimated at 29 million in 2022. The capital and largest urban agglomeration is the city of Caracas. The continental territory is bordered on the north by the Caribbean Sea and the Atlantic Ocean, on the west by Colombia, Brazil on the south, Trinidad and Tobago to the north-east and on the east by Guyana. The Venezuelan government maintains a claim against Guyana to Guayana Esequiba. Venezuela is a federal presidential republic consisting of 23 states, the Capital District and federal dependencies covering Venezuela's offshore islands. Venezuela is among the most urbanized countries in Latin America; the vast majority of Venezuelans live in the cities of the n ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Presidency Of Luis Herrera Campins
Luis Herrera Campins served as President of Venezuela from 1979 to 1984. Prior to his election, he founded the moderately conservative Christian COPEI party. He was succeeded by Jaime Lusinchi. Background In the Republic of Venezuela, presidents and congress were elected in the same election for five-year terms. At the 1978 election, AD fielded the unexciting Luis Piñerúa Ordaz and the COPEI selected Luis Herrera Campins. Some observers believed that Venezuelans were ready to elect a leader who opposed the lavish expenditures of predecessor Carlos Andrés Pérez. Herrera Campins ran on the slogan "''¡Basta!''" ("Enough!") in reference to the spending levels at the time. The adecos were in a no-win situation disillusioned as they were with Pérez and unexcited by Piñerua, and Herrera defeated his Adeco adversary by a vote of 1,133,059 to 1,053,137. Venezuela had demonstrated once again that at the ballot level it was a working democracy. Presidency At the start of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Diario 2001
''2001'' (''Diario 2001'') is a Venezuelan newspaper. It was established by Bloque De Armas in 1973, Bloque De ArmasHistoria launching its first edition on 2 July 1973 under the directorship of Rafael Poleo. Andrés Bello Catholic UniversityDiario 2001 accessed 2 June 2012 Initially launched as a competitor to the evening newspaper '' El Mundo'' of rival media group Cadena Capriles, its sales did not meet expectations (despite its distinguishing use of colour printing) and it converted to a morning newspaper. See also * List of newspapers in Venezuela This is a list of newspapers in Venezuela, both national and regional. It also includes newspapers with other languages and themes. National Regional Anzoátegui state Apure state Aragua state Barinas state Bolívar state Carabobo sta ... References External linksOfficial website 1973 establishments in Venezuela Mass media in Caracas Newspapers published in Venezuela Publications established in 1973 Spanish- ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Venezuelan Bolívar
The bolívar is the official currency of Venezuela. Named after the hero of Latin American independence Simón Bolívar, it was introduced following the monetary reform in 1879, before which the venezolano was circulating. Due to its decade-long reliance on silver and gold standards, and then on a peg to the United States dollar, it was considered among the most stable currencies and was internationally accepted until 1983, when the government decided to adopt a floating exchange rate instead. Since 1983, the currency has experienced a prolonged period of high inflation, losing value almost 500-fold against the US dollar in the process. The depreciation became manageable in mid-2000s, but it still stayed in double digits. It was then, on 1 January 2008, that the hard bolívar (''bolívar fuerte'' in Spanish, sign: Bs.F, code: VEF) replaced the original bolívar ( sign: Bs; code: VEB) at a rate of Bs.F 1 to Bs. 1,000 (the abbreviation Bs. is due to the first and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Purchasing Power
Purchasing power is the amount of goods and services that can be purchased with a unit of currency. For example, if one had taken one unit of currency to a store in the 1950s, it would have been possible to buy a greater number of items than would be the case today, indicating that the currency had a greater purchasing power in the 1950s. If one's monetary income stays the same, but the price level increases, the purchasing power of that income falls. Inflation does not ''always'' imply falling purchasing power of one's money income since the latter may rise faster than the price level. A higher real income means a higher purchasing power since real income refers to the income adjusted for inflation. Traditionally, the purchasing power of money depended heavily upon the local value of gold and silver, but was also made subject to the availability and demand of certain goods on the market. Most modern fiat currencies, like US dollars, are traded against each other and commodity mon ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1980s In Venezuela
__NOTOC__ Year 198 (CXCVIII) was a common year starting on Sunday (link will display the full calendar) of the Julian calendar. At the time, it was known as the Year of the Consulship of Sergius and Gallus (or, less frequently, year 951 ''Ab urbe condita''). The denomination 198 for this year has been used since the early medieval period, when the Anno Domini calendar era became the prevalent method in Europe for naming years. Events By place Roman Empire * January 28 ** Publius Septimius Geta, son of Septimius Severus, receives the title of Caesar. ** Caracalla, son of Septimius Severus, is given the title of Augustus. China *Winter – Battle of Xiapi: The allied armies led by Cao Cao and Liu Bei defeat Lü Bu; afterward Cao Cao has him executed. By topic Religion * Marcus I succeeds Olympianus as Patriarch of Constantinople (until 211). Births * Lu Kai (or Jingfeng), Chinese official and general (d. 269) * Quan Cong, Chinese general and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
