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Chavez is imitating the last president, Caldera, in instituting currency controls. When I arrived in Venezuela in '93, one dollar would buy 13 Bolivares. Caldera, with a masters degree in economics (from Harvard, if I remember correctly), tried to put an end to the hyper-inflation by limiting access to dollars and imposing a government-controlled exchange rate. The black market rate of Bolivares to dollars was 590 to 1 while the government rate was around 187 Bolivares to the dollar. Caldera, his family and his cronies went from millionares to multi-millionares very quickly because they had access to dollars. I have no doubt Chavez's latest move is very popular among the ruling elite of Venezuela.... once again, they'll get richer while the poor, with no access to dollars, will become poorer.