The Associated Press
June 12, 2008
CARACAS, Venezuela -- President Hugo Chavez is loosening economic controls on businesses to boost growth in the face of soaring inflation.
Chavez is eliminating a 1.5 percent tax on all financial transactions made by companies.
The socialist president is also easing strict currency exchange controls for importers. He says pending requests for $50,000 or less will be expedited.
A $1 billion fund will be created to encourage joint public-private sector projects in areas including food and manufacturing.
Chavez said in a speech Wednesday that he doesn't intend to cut back government spending to try to reduce inflation. Inflation reached 31.4 percent in May according to Caracas' benchmark price index.Ver opciones avanzadas