The control exchange or exchange control is a political - economic system which regulates the entry and exit of capital of a country, also monitors and manages a priority basis the import and export of raw materials and products, establishing a hierarchy in the customs field. Exchange control is applied in countries with economic problems, fluctuations in their economic reserves or in an extreme case, declarations of waror any eventuality that threatens the normal functioning of the nation. Venezuela is one of the main countries to use these foreign exchange management systems, after in 2002, a strike in the activities of Petróleos de Venezuela Sociedad Anónima (PDVSA) together with a political crisis in the country represented a massive flight. of capital abroad.
This situation that occurred in Venezuela in 2002 led to an immediate and progressive devaluation of the local currency, the bolivar, which went from being 1.3 Bs per dollar to 2 Bsf per dollar in less than 6 months.. Although it is true that the currency has continued with the devaluation process to date, CADIVI (Foreign Exchange Administration Commission) as it is known for exchange control in Venezuela, has represented an economic tool with which the national production of items has largely replaced imported merchandise, which has represented a growth of the economy in the country. However, so many regulations for the acquisition of foreign currency have led the country to a state of anarchy and really disastrous fiscal and political corruption.
The exchange controls what they seek is to protect the assets and liabilities of the country. In this way, the economy remains “ stable ”. With the restrictions of an exchange control, a market parallel to the official one is generated in which the price of the currency is up to 500% higher, but in the face of capital regulation, thousands of investors and tourists are forced to opt for this system clearly illegal in the eyes of the government and its economic system, but it is one of the most relevant consequences that exchange control produces.
