January 23, 2014 8:57 AM

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Venezuela announces measures to address foreign currency crisis

Venezuela has announced measures to address its foreign currency crisis and boost the economy. Oil Minister Rafael Ramirez says Venezuelans travelling abroad will no longer be allowed to obtain foreign exchange at the official rate of 6.3 Bolivars per US dollar.They will have to pay a higher rate determined by weekly currency auctions. The official rate will be used only for essential goods such as medicine, industrial supplies and food.The weekly dollar auctions will be increased to 220 million dollars a week to benefit private companies that have been struggling to import raw materials and other supplies

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