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Venezuela’s Maduro Replaces Giordani in Cabinet Reshuffle

Venezuela’s President Nicolas Maduro dismissed from his cabinet a longtime advocate of currency controls and a strong bolivar, a move Bank of America Corp. says is a prelude to further devaluation.

Ricardo Menendez will replace Jorge Giordani as Planning Minister, Maduro said on state television last night. Giordani, who taught economy to late president Hugo Chavez in jail in the early 1990s, helped design currency controls that were implemented in 2003.