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The National Assembly of Venezuela loses oversight of Сentral Bank

Maduro is preparing to enforce emergency economic measures

Venezuelan President, Nicolas Maduro eliminated The National Assembly’s control over appointment or removal of central bank directors, reports Reuters. He also promised to take urgent measures to exit from the severe economic crisis. The opposition won in the election two thirds of the Congress and therefore harshly criticized the reform, undertaken the day before the new parliament sets into action.

 

In a televised speech on Monday, Maduro said that he could appeal to the National Assembly to approve economic emergency measures.

Meanwhile, one of the purposes of the opposition was to obtain control over the Central Bank against the backdrop of three-digit inflation, recession and widespread shortages.

Elected members of parliament from the opposition parties have promised to pressure the Central Bank to disclose information on the level of inflation and GDP, which have not been published in the open for more than a year.

"The reform is a legislative monstrosity to protect a highly questioned president. It goes against the consitution,” said Jose Guerra, the newly elected opposition member of parliament and a former director of the Central Bank.

Meanwhile, in a televised address Maduro said: "I'm evaluating the strengthening of a strategic plan. ... We are going to activate an emergency plan and reconstruct our economy." He provided no further details.

 

The law previously required the president to seek the approval of Congress when naming or firing central bank directors. This power now rests in the hands of the president following the change to the law, which was signed on Wednesday.

 

As recalled by Reuters, the outgoing Congress gave Maduro special legislative powers until 31st of December.

The last-minute changes in the law also allow the Central Bank to classify data if it may pose a threat to national security or economic stability. In addition, they are allowed to provide funding for the needs of the state and its institutions without the approval of Parliament.

 

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