Venezuela will create an alternative currency market to crack down on a black market in which the dollar is worth about four times more than the official rate, interim President Nicolas Maduro said.
“It’s now ready, we’re missing some details on the mechanisms,” Maduro said in an interview on the Venevision network yesterday. “We hope to announce it very soon, activate it, incorporating all the economic sectors.”
The new state-run system will replace a central bank- administered currency market known as Sitme and would seek to complement the current foreign exchange rate system known as Cadivi, Maduro said. The complementary system will provide sufficient foreign currency for the economy while meeting the country’s “real needs,” Maduro said.
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