Arab Today, arab today venezuela unveils plan for freemarket forex
Last Updated : GMT 09:21:12
Arab Today, arab today
Arab Today, arab today

Venezuela unveils plan for free-market forex

Arab Today, arab today

Arab Today, arab today Venezuela unveils plan for free-market forex

Recession-hit Venezuela, with its currency the Bolivar
Caracas - AFP

Recession-hit Venezuela unveiled details Thursday on its plan to partially liberalize its exchange rate by allowing banks and brokerage houses to sell dollars, saying individuals could buy up to $10,000 a year.
The regulations that will govern the overhauled three-tier exchange rate system were published in the official government gazette, after Finance Minister Rodolfo Marco Torres announced on Tuesday that Venezuela would ease strict currency controls first put in place by late socialist president Hugo Chavez in 2003.
Under the new rules, Venezuelans can buy up to $300 a day, up to a maximum $2,000 a month and $10,000 a year, through banks and foreign exchange houses, at a rate that will be set by the free market.
The new system, known as the "Marginal Currency System" (SIMADI), takes effect immediately, though it is unclear how long it will take for transactions to actually start.
Forex houses have all but disappeared in Venezuela since currency controls were introduced.
The dollar is officially worth 6.3 bolivars in Venezuela, but currently fetches about 30 times that on the black market.
The gap has made it increasingly difficult for the country to import the goods it needs, fueling widespread shortages and crippling inflation of 64 percent.
Venezuela is estimated to have the largest oil reserves in the world but depends largely on imports for basic goods, including food and medicine.
President Nicolas Maduro said Tuesday that five to 10 percent of the government's dollar supply would be made available through SIMADI.
The bulk of the government's dollars, 70 percent, will still be offered at the official rate of 6.3 bolivars to importers of vital goods such as food and medicine.
Importers of other products considered part of the "basic basket" of consumer goods will be able to buy dollars at a rate initially set at 12 bolivars to the dollar that will fluctuate within a range controlled by the government.
Under the new regulations, "public entities" such as state oil firm PDVSA, the country's main source of foreign currency, will be allowed to sell dollars on the free market.
That promises to increase the amount of bolivars that PDVSA gets for its dollars and also stimulate supply on the free market.
Venezuela is in the midst of a two-year economic crisis that has grown worse in recent months with the slide in global oil prices, which fell 60 percent between June and January.
Ratings agencies have warned it risks defaulting on $10 billion in debt payments due this year.

 

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today venezuela unveils plan for freemarket forex Arab Today, arab today venezuela unveils plan for freemarket forex

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today 17.4 million tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Kalam Nawaem made a difference in social issues

GMT 06:43 2017 Tuesday ,28 February

Kalam Nawaem made a difference in social issues
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Aspires present the story of Egypt’s first president

GMT 06:18 2017 Sunday ,26 February

Aspires present the story of Egypt’s first president
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 06:28 2017 Tuesday ,28 February

Dumbphones survive rise of the smartphone

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday