On June 11, Hugo Chávez, president of Venezuela, agreed to remove a tax of 1.5% on all financial transactions, admitting that the government did not need this revenue and that it was helping to push up inflation. He also introduced new exchange rate controls that will reduce the paperwork for capital goods imports. But this applies only to companies seeking $50,000 or less.
The president also said he plans to increase agricultural subsidies to help pay off debts owed by food producers and create a $1 billion fund with the private sector to boost manufacturing and food production.
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