RECADI is the acronym for the Differential Exchange Regime, a financial exchange control that arose in Venezuela from the mismanagement of two very controversial governments such as the first term of Carlos Andrés Pérez and Luis Herrera Campins. RECADI went down in history as the first exchange control regime that shook the Venezuelan economy, even causing a social outbreak due to the serious financial situation in which shortages and high prices of the basic food basket were common among the population. Venezuelan. Let's narrate what happened:
On February 18, 1983 there was a devaluation of the Venezuelan currency, the bolivar remained strong at a fixed exchange rate of Bs. 4.30 per US Dollar and Venezuelans had free access to it through the brokerage houses and the different modalities sale of foreign currency, but suddenly, as a result of the instability of the Venezuelan financial market with the creation of the so-called state companies for the development of communities and technology that end up bankrupt, an official currency market is created that restricts the currencies as follows:
The change of Bs. 4.30 bolivars would be only for imports and essential activities at the government's discretion. The dollar at Bs. 6.00 "For less important things" among which would be included the natural transactions with currencies that Venezuelans carried out with the "Easy Access" dollar and finally with this situation would generate the parallel market initially administered by the Central Bank of Venezuela in which there was free access to foreign currency at a higher price "But safe for anyone who wanted them." This February 18, 1983, it was known as Black Friday.
Any resemblance to the current reality of Venezuela is not a mere coincidence, it seems that the same ideas were developed in the current government in order to implant in society an economic model other than Capitalist, Socialism. With CADIVI, the exchange control system established by the Hugo Chávez administration not only generated a lack of control in the parallel market, but has also restricted access to foreign exchange for both private and natural companies, thus forcing an economic depression worse than that caused by RECADI.
