UPDATE 1-Venezuela denies mulls changes to forex rate system

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By Ana Isabel Martinez

CARACAS Jan 23 (Reuters) - The government of Venezuelan President Hugo Chavez denied on Wednesday it is studying any changes to its fixed foreign exchange system after local media reported a two-tier regime could be introduced.

With the bolivar costing more than double its official rate on the parallel exchange market, business leaders and economists have increasingly clamored for Chavez to devalue the currency.

Chavez has relaxed some price controls this month, prompting speculation among investors and some media reports that he could also be flexible over an exchange rate he has kept fixed at 2.15 bolivars to the dollar since 2005.

There have been reports the government could keep that rate for the food industry but devalue the currency for other sectors.

But, in a telephone interview with Reuters, Economy Minister Rafael Isea denied the government was considering any changes.

Asked if the government was mulling introducing any new tiers to the foreign exchange system, he said, "No. I flatly deny that ... the exchange system is (staying) just the way it is."

"There is no consideration" of any form of devaluation this year, he added.

(Writing by Saul Hudson; Editing by Diane Craft)