Venezuela will change the laws on foreign currencies for investment

© RIA Novosti / Dmitry Znamenskii in Caracas. Archival photoVenezuela will change the laws on foreign currencies for investment© RIA Novosti / Dmitry Znamenskiy

Venezuelan President Nicolas Maduro vowed on Wednesday to change the law, in terms of turnover of foreign currency to attract foreign investment.

«I am sending in the National constituent Assembly the draft law on changing the situation with offenses in the sphere of exchange to fix certain aspects that will help to remove the barriers to the inflow of foreign currency to investments in foreign currency in Venezuela,» said Maduro on state television.

Since 2003, the turnover of currency in Venezuela was under control of the state, now the situation has changed to certain liberalization, but the rate still remains in the circulatory system DICOM dozens of times different from the rate of «black market».

Maduro also promised to clean up for one year all taxes on exports to the country of capital assets. This applies to parts, equipment, raw materials. «Effective immediately to help the national productive sector,» – said the President.

He also said that the Central Bank of Venezuela is transmitted through the oil company PDVSA oil block with reserves of 29.2 million barrels as collateral for the issue of securities for these stocks.