
Venezuelan President Nicolas Maduro reassigned members of his economic team Wednesday but didn’t announce a painful currency devaluation that analysts say is needed to stabilize Latin America’s biggest oil economy. Maduro’s state of the union speech to Congress was closely watched by Venezuelans, who started the year experiencing worsening shortages of everything from bread to newsprint. In the three-hour speech, the socialist leader said he would use an “iron fist” against companies he accuses of gouging consumers. Rebuffing a chorus of economists who say a devaluation of Venezuela’s currency is overdue, he vowed to maintain the official exchange rate of 6.3 bolivar per dollar for the entire year and beyond. He said the government would instead strengthen an alternative foreign exchange mechanism as a way to attract much-needed foreign investment in 11 vital areas ranging from tourism to the oil industry.