Venezuela revamps foreign exchange regime
Government reduces number of rates available from three to two
Venezuela has adopted a new foreign exchange system, abandoning the various rates currently in use for a dual system, the minister of industry and trade has announced.
Speaking at the central bank, Miguel Perez Abad outlined the new regime, emphasising it would help "protect" the Venezuelan economy moving forward.
Under the new system, the National Centre for Foreign Commerce, a government body that administers foreign exchange, will now buy and sell at two rates – Dipro and Dicom.
The Latin
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