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It will also need to encourage greater savings, dramatically bolster the skills of its people, invest heavily in infrastructure, modernize its financial sector, foster job creation and continue with its reform of the foreign exchange regime.
Having repeatedly promised to ease the country's complex currency controls to let a greater flow of dollars reach importers, Maduro may initially use the decree powers to tinker with the current complicated foreign exchange regime.
Trade and foreign exchange regime: A policy perceptive.
In a bid to improve the competitiveness of exports, Uganda adopted a marketdetermined foreign exchange regime in the early 1990s, narrowing the gap between the nominal and real exchange rates, as shown in Figure 1.
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Jose De Gregorio (PhD'90), Governor of the Central Bank of Chile, has published widely on stabilization policies, foreign exchange regimes and economic growth.
On February 10th it announced changes to the foreign-exchange regime that would charge some importers closer to the market rate for dollars.
Add to that swelling foreign-exchange reserves and a stronger rupee, and some are arguing that it is time for drastic liberalisation of India's foreign-exchange regime.
Consequently, it has built a fortress around its foreign exchange control regime by closing the remaining loopholes in the system.
Sightseers and traders are key sources of foreign exchange for the regime.
The collapse in the price of oil, virtually the only source of foreign exchange, means that the regime cannot buy its way out of trouble.
Under the sanctions, China has cut exports to the North of refined energy products and stopped importing seafood, coal and also North Korean laborers, all important sources of foreign exchange for the Kim regime.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com