Venezuela plans to introduce new forex system
Tuesday, 8 July 2014
CARACAS, July 7 (XINHUA) : Venezuela is to install a new foreign exchange system as part of its comprehensive efforts to guarantee economic balance, said Vice President for Economic Affairs Rafael Ramirez yesterday.
"We are going to introduce a new exchange system. It is very complex to manage three exchange rates," said Ramirez in an interview in with a local TV channel.
Ramirez, who also serves as oil and mining minister, said that to install the new exchange system, Venezuela should reach a single exchange rate, so the government has to continue to reduce inflation and fiscal deficits.
With the introduction of the second Complementary Administration System for Foreign Exchange (Sicad 2) in March, the Latin American nation now has a foreign exchange platform that features three exchange rates for different types of transactions.