Mr Giordani dismisses claims of capital flight as a misreading of the figures.

ECONOMIST: Venezuela: Sunk | The

Mr. Giordani recently said the country would stop looking abroad for financing.

WSJ: Venezuelan Cabinet Tweak Seen Aiding Economy in Short Term

Mr Giordani, a committed central planner, makes few public statements these days.

ECONOMIST: Venezuela's economic policy

His economics team, headed by Jorge Giordani, an electrical engineer and development planner, is widely seen as unimpressive, though it claims to have been austere.

ECONOMIST: Chavez’s muddled new world | The

The new head of the Central Bank, Luis Diego Castellanos, an obscure elderly economist, is a close colleague of Jorge Giordani, the old-fashioned development planner who leads the economic team.

ECONOMIST: Venezuela: Unchecked, unbalanced | The

Mr. Giordani had been rumored to be on his way out of the Finance Ministry for months and the naming of Mr. Merentes is likely to be initially seen as a step toward more pragmatic policy-making.

WSJ: Venezuelan President Nicol��s Maduro Reshuffles Cabinet

"We are following instructions from President Hugo Chavez, who demanded more efficiency in the fight against inflation, " Finance Minister Jorge Giordani told reporters when he made the announcement Friday, holding up a decree that he said came from Chavez.

CNN: With Chavez away for months, big changes roil Venezuela