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National Center for Foreign Commerce
The National Center for Foreign Commerce, ((スペイン語:Centro Nacional de Comercio Exterior), CENCOEX), formerly the Commission for the Administration of Currency Exchange (Comisión de Administración de Divisas CADIVI), is the Venezuelan government body which administers legal currency exchange in Venezuela. The official buy/sell exchange rate was initially fixed at BsF. 4.28 / BsF. 4.30〔 CADIVI Convenio Cambiario 2, (CADIVI )〕 per US Dollar (USD). Currently the official buy/sell exchange rate is fixed at BsF. 6.3〔 Gaceta oficial n° 40.108 〕 per USD.
==History==
In 1983, a similar agency called RECADI was established to manage a system of differential exchange rates and capital controls,〔George D. E. Philip (2003), ''Democracy in Latin America: surviving conflict and crisis?'', Wiley-Blackwell. p143〕 and disbanded in 1989 when the differential exchange rate system was abolished.〔Kevin J. Middlebrook (2000), ''Conservative parties, the right, and democracy in Latin America'', Johns Hopkins University Press. p130〕 RECADI saw widespread corruption, and became a substantial scandal in 1989 when five former ministers were arrested, although the charges were later dropped.〔Damarys Canache, Michael R. Kulisheck (1998), ''Reinventing legitimacy: democracy and political change in Venezuela''. Greenwood Publishing Group. p123〕
Exchange controls under CADIVI were adopted on 5 February 2003 in an attempt to limit capital flight,〔CADIVI, (CADIVI, una medidia necesaria )〕 in the aftermath of a two-month strike/lockout aimed at toppling the government, which saw GDP fall 27% during the first four months of 2003.〔Jones, Bart (2008), ''Hugo! The Hugo Chavez Story From Mud Hut to Perpetual Revolution'', London: The Bodley Head. p386〕
In 2008, the Chavez government removed three zeroes from the bolivar, thus creating a new currency known as the ''bolívar fuerte'' (eng. "bolivar") but kept the currency pegged to a higher rate against the dollar than the market value. Since 2003, this has created a scarcity of foreign currency, as confidence in the bolivar declined, and foreign exchange, especially the U.S. dollar, was in greater demand.〔(【引用サイトリンク】title=The Use of Foreign Exchange Controls to Promote Economical Stability )〕
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