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Most
citizens in Venezuela cannot live with a salary of 65,000 bolivars per month
equivalent approximately to $ 6.56 per month by the time I write this
document July 18, 2019 when the rate reached 9,900 bolivars per dollar and with
prices growing of everything sold in the country.
To
stop inflation and recover wages I propose:
a)
Create
a new currency, the Bolívar Oro, equivalent 1 to 1 to the dollar which would
begin to circulate in 60 days from the moment of publication of the decree of
its creation and in that period of transition to the new currency revalue to
3000 bolivars per dollar. This revaluation should have an impact on prices
going down during the 60-day transition period to the new currency because the
speculative exchange rate in the market reached 9,900 bolivars for the moment
in which I write this document.
b)
After
60 days and when the new currency comes into circulation, the old Sovereign
Bolivar currency will be completely taken out of circulation and all prices and
salaries will be quoted in the new currency Bolívar Oro, that is, in its
equivalent 1 a 1 to the dollar.
c)
To
convert the current monetary mass from approximately 8 billion bolivars to
dollars at an exchange rate of 3000 bolivars per dollar, 2666 million dollars
(Bs. 8 billion / Bs. 3,000 = 2666 million dollars) would be required. This
amount should exist in the International Reserves, according to the figures of
Reserves that the Central Bank of Venezuela claims to have.
d)
Those
2666 million dollars must be liquid and available in the banks in the 60-day
transition period to create the new currency, so that those who want to
exchange their bolivars for dollars will be exchanged immediately until the
bolivars are exhausted.
e)
The
exchange rate of 3000 bolivars per dollar that I propose for the transition
stage to the new currency is because I believe that Venezuela should be equated
with Colombia to avoid the smuggling of money and goods and consequently apply
the Parity of the Purchasing Power of the Currency. In Colombia, 1 dollar is
worth more or less 3000 pesos, consequently, that should be the parity of the
bolivar against the dollar during the 60 days of the transition period to the
new currency.
f)
The
application of the Principle of Parity of the Purchasing Power of the Currency
so that the prices and salaries of Venezuela are equal to those of Colombia in
the period of transition to the new currency is the only way to equilibrate the
balance of payments between the 2 countries and, consequently, avoid the flight
of money and goods in both directions, a process that has traditionally harmed
Venezuela.
g)
The
creation of the Bolívar Oro on par with the dollar is the backbone of the new
economic policy that I propose and the solution to inflation, the destruction
of wages and the way to prevent millions of citizens from desperately fleeing
from Venezuela.
h)
The
currency of legal tender will be the Bolívar Oro equivalent 1 to 1 to the
dollar but there will be no restriction for the use of the dollar as an
alternative currency so that it can be paid indistinctly in any of the two
currencies as it happens in other countries.
The
reader interested in broadening the base of support for this proposal can
consult the following sources:
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