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January 16, 2014 AT 2:09 AM
Venezuela's President Nicolas Maduro said he was shaking up his top economic team, with public banking minister Rodolfo Torres to take over the finance portfolio and Nelson Merentes to return as central bank head. Maduro said Rafael Ramirez would remain as president of state oil company PDVSA, minister of energy and vice president of economic affairs. In his annual speech to the nation, the president added that state foreign exchange board Cadivi, which distributes dollars under Venezuela's strict currency controls, would be eliminated in favor of other mechanisms.