Venezuela announces new finance minister, wage rise

[Judi Lynn]

January 16, 2010, 10.12 am (Singapore time)
Venezuela announces new finance minister, wage rise

CARACAS - Venezuela's President Hugo Chavez on Friday named leftist economist Jorge Giordani as his new finance minister.

Mr Giordani also will keep his current job as economic planning minister. Former Finance Minister Ali Rodriguez, another veteran leftist, will now become the South American oil exporter's electricity minister.

Speaking to lawmakers during his annual parliamentary address, Mr Chavez also announced a 10 per cent minimum wage rise effective from March 1, to be followed by a second, 15 per cent rise in September.

Mr Chavez said he aims to strengthen the bolivar to 4.3 per dollar on a semi-legal market where it is floated, a week after sharply devaluing the currency.

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