Venezuela will unveil a new foreign-exchange system as the bolivar slides to a record low in black-market trading, Finance Minister Nelson Merentes said.
The black-market dollar is high because the currency is scarce as a result of hoarding and speculation, Merentes said in an interview yesterday on the Globovision network. A new devaluation of the bolivar “is not being considered,” he said.
“We want to use this market to encourage the private sector to sell their dollars in a transparent, logical and rational way in a market as they did before,” the finance minister said, referring to the new system. A supplementary foreign-exchange auction platform introduced in March, known as Sicad, “needs to be evaluated,” he said.
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