Chavez Extols Efficiency of
New Currency System
CARACAS - President Hugo Chavez expressed
satisfaction today with the new Operational
System with Foreign Currency Titles (SITME)
created by the Bank of Venezuela to fight
speculation.
Speaking about the SITME in his Sunday´s
Chavez Lines, the president termed it as a
strategic instrument to eradicate the mobs
which wanted to live out of the Venezuelan
international reserves without minding if
the country went into bankruptcy.
It´s a transparent system where you can
monitor offer and demand, in opposition to
the previous one, where several exchange
entities used the stock market of State
bonds to speculate and harm the national
economy, he said.
The initiative, begun this week, is based in
a closed cycle of transactions, incide which
commerciual and universal banks, together
with savings and loan houses, act as
mediators in the trade of stock values.
The president also referred to in his lines
to the government´s decision to protect
Caracas from failures in the national
electric system, to make the city
independent of the energy generated by the
El Guri reservoir.
About 70 percent of the electricity consumed
in the country depends from that reservoir´s
potential. This makes Venezuela vulnerable
to rainfall and fearful of power cuts as it
almost happened this season.
To prevent disaster, the government carries
out a revolution in the energy sector and
this week it synchronized to the system two
units of the Picure thermoelectric plant,
located in the Complex Josefa Joaquina
Sanchez in Vargas state.
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