World Economy

Venezuela Frees Forex System

Venezuela Frees Forex SystemVenezuela Frees Forex System

Venezuela allows a free-floating exchange rate for the country’s currency, Sputnik reported. Finance Minister Rodolfo Marco Torres said the new system would be “totally free” with “the market itself setting the exchange rate.” But officials said trades would have to be made through authorized banks or exchange houses and only people with dollar-denominated bank accounts can take part. For 70% of crucial imports, including medicines and other staples, the exchange rate will remain the current 6.3 bolivars per one US dollar. For the remaining 30% of consumer goods the rate is changing to 12 bolivars for one greenback.