* Maduro says new system will support CADIVI board
* Venezuelans complain about lack of access to dollars
CARACAS, March 18 Venezuela will launch a new
"complementary" system to bolster the official foreign exchange
system, and full details will be given on Tuesday, acting
President Nicolas Maduro said.
The government has been promising more economic measures to
improve the supply of dollars within a system of strict currency
controls introduced by the late socialist leader Hugo Chavez.
In televised comments, Maduro said Venezuela's financial
system had enough dollars to feed demand, and that the new
arrangement would support the existing CADIVI currency board.
"From this week, Venezuelans who need foreign exchange in
special conditions are going to have a complementary system to
CADIVI," the acting president said. "The specific details of how
it is going to work will be fully explained tomorrow."
Before Chavez died, interim leader Maduro began implementing
various economic measures, including a devaluation of the
bolivar currency and a change to the oil windfall tax structure.
Economists had been widely predicting the government would
create a new system through which people and businesses could
access U.S. dollars, beyond the CADIVI board which sells a
restricted amount at a price of 6.3 bolivars to the greenback.
"We have directed (Finance Minister) Jorge Giordani, working
with the central bank, to make sure the dividends needed by the
complementary system are in place by next Monday," Maduro said.
As well as improving the supply of dollars, the government
says the system will help combat black market currency trading.
Local newspapers have reported that the new system will
operate via direct sales of dollars from oil revenue, as opposed
to a previous secondary mechanism, known as Sitme, which was
based on bond transactions.
"It'll be much better than Sitme. Quicker, more efficient,"
Maduro said on Monday.
Venezuela devalued its currency by 32 percent last month in
the fifth such move in a decade under Chavez's rule. His interim
replacement, Maduro, is running for election on April 14.
Businesses have for years complained about restrictions on
access to foreign currency, while the government says it is
obliged to maintain controls to counter speculative trading.