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Chavez restricts brokers

Business Maverick

Business Maverick, Politics

Chavez restricts brokers

The President of Venezuela, Hugo Chavez, has signed into law a new bill which bars brokers in Venezuela from trading the local bolivar currency as well as public-sector dollar-dominated debt. The bill means that private brokers will only be able to trade in local equities and private sectors securities. The move is mostly symbolic, as there was almost no initial public offering or investment banking in Venezuela last year. Chavez faces legislative elections in September, and he's blaming private brokers for country's inflationary and currency woes. Read more: Reuters

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