Venezuela cracks down on dollar dealers
Venezuelans and foreigners attempting to buy or sell US dollars on the black market will face jail if ruling party lawmakers approve a pending law punishing anyone dealing in greenbacks.
As the draft bill stands, it would establish hefty fines and prison sentences ranging from three to seven years for trading foreign currency or possessing US dollars obtained through illegal means.
Members of President Hugo Chavez’s ruling party hope to approve The Foreign Exchange Law early next year. Brokers who trade dollars say they will cease activities for some time once the law is approved.
The pending legislation would punish anyone in possession of more than $10,000 who cannot explain where or how the cash was obtained. It also targets anyone illegally trading in greenbacks, said pro-Chavez lawmaker Elvis Amoroso.
“The dollar should remain close to 2,500 bolivars (per US dollar) in coming weeks if nothing else happens,” said a broker who spoke on the condition of anonymity.
