Venezuelan president approves new economic strategy to boost flagging exports

Venezuelan President Nicolas Maduro approved on Friday a set of new measures to boost the country's oil exports as the country continues to battle a deep recession.

Notably, the Simadi exchange rate of nearly 200 bolivars to the dollar will be adopted for companies in the country to facilitate foreign exchange, compared to the criticized SICAD II forex system that sells dollars for around 50 bolivars each.

The president also announced a moratorium on export licenses for the whole of 2016, which will allow companies to export goods without the need for a special permit.

Furthermore, Maduro activated a foreign currency line of credit for the purchase of raw materials.

Maduro has earlier said preferential treatments will also be granted to companies in nine prioritized sectors - agriculture, construction, hydrocarbons, mining, petrochemicals, telecommunications, tourism, heavy industry and the military.

On Friday the president slammed the opposition-held National Assembly for failing to approve the economic emergency decree he declared last week.

"I regret that the National Assembly ...is not supporting the country at this moment. It is now letting this economic emergency continue," he said.

The measures proposed by Maduro are aimed at helping Venezuela avoid fiscal evasion, bring in foreign currency, and support core productive industries.

However, the rightwing majority in the assembly has rejected his proposals, calling it a unilateral attempt to appropriate resources and maintain bloated public spending.

Venezuela is in the midst of a deep recession and is confronting runaway inflation. Endi