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Get the latest economic news from ForexMart, including updates on the financial market, central banks' policy announcements, financial indicators, and other relevant news which can have an impact on the industry.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

Venezuela’s Cabinet Reshuffle

January, 06 2017
watermark Economic news

The cabinet of the Venezuelan government was shaken on Wednesday as President Nicolas Maduro named the new economic czar who will manage the country’s OPEC system by which is considered as “decaying”.  The newly-elect oil minister is responsible for withstanding every economic problem especially petroleum prices. The position will be pass to Nelson Martinez, former Director of a fuel marketer - CITGO.

While ex-minister Eulogio Del Pino, the president of a state-owned oil company, PDVSA will remain on his position.  The 54-year old leader further replaced Aristobulo Isturiz with Tarek El Aissami as the new Vice President.

Moreover, the shuffling of the cabinet is common practice within the country which started from the 14-year ruling of Hugo Chavez, who is a socialist leader died in 2013 due to cancer.

Barely, a year ago the Bolivarian Republic have constituted another economic team intended to promote market-based currency trading platform, however, the plan was unaccomplished until its promoters were removed due to cabinet rotation.


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Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.