OUT OF MIND
Would you like to react to this message? Create an account in a few clicks or log in to continue.
Latest topics
» Is it possible to apply positive + in favor Newton III Motion Law as a dynamic system in a motor engine
 Venezuela says new currency platform to begin operations Monday EmptySat Mar 23, 2024 11:33 pm by globalturbo

» Meta 1 Coin Scam Update - Robert Dunlop Arrested
 Venezuela says new currency platform to begin operations Monday EmptySat Mar 23, 2024 12:14 am by RamblerNash

» As We Navigate Debs Passing
 Venezuela says new currency platform to begin operations Monday EmptyMon Jan 08, 2024 6:18 pm by Ponee

» 10/7 — Much More Dangerous & Diabolical Than Anyone Knows
 Venezuela says new currency platform to begin operations Monday EmptyThu Nov 02, 2023 8:30 pm by KennyL

» Sundays and Deb.....
 Venezuela says new currency platform to begin operations Monday EmptySun Oct 01, 2023 9:11 pm by NanneeRose

» African Official Exposes Bill Gates’ Depopulation Agenda: ‘My Country Is Not Your Laboratory’
 Venezuela says new currency platform to begin operations Monday EmptyThu Sep 21, 2023 4:39 am by NanneeRose

» DEBS HEALTH
 Venezuela says new currency platform to begin operations Monday EmptySun Sep 03, 2023 10:23 am by ANENRO

» Attorney Reveals the “Exculpatory” Evidence Jack Smith Possesses that Exonerates President Trump
 Venezuela says new currency platform to begin operations Monday EmptyTue Aug 29, 2023 10:48 am by ANENRO

» Update From Site Owner to Members & Guests
 Venezuela says new currency platform to begin operations Monday EmptyTue Aug 29, 2023 10:47 am by ANENRO

» New global internet censorship began today
 Venezuela says new currency platform to begin operations Monday EmptyMon Aug 21, 2023 9:25 am by NanneeRose

» Alienated from reality
 Venezuela says new currency platform to begin operations Monday EmptyMon Aug 07, 2023 4:29 pm by PurpleSkyz

» Why does Russia now believe that Covid-19 was a US-created bioweapon?
 Venezuela says new currency platform to begin operations Monday EmptyMon Aug 07, 2023 4:27 pm by PurpleSkyz

»  Man reports history of interaction with seemingly intelligent orbs
 Venezuela says new currency platform to begin operations Monday EmptyMon Aug 07, 2023 3:34 pm by PurpleSkyz

» Western reactions to the controversial Benin Bronzes
 Venezuela says new currency platform to begin operations Monday EmptyMon Aug 07, 2023 3:29 pm by PurpleSkyz

» India unveils first images from Moon mission
 Venezuela says new currency platform to begin operations Monday EmptyMon Aug 07, 2023 3:27 pm by PurpleSkyz

» Scientists achieve nuclear fusion net energy gain for second time
 Venezuela says new currency platform to begin operations Monday EmptyMon Aug 07, 2023 3:25 pm by PurpleSkyz

» Putin Signals 5G Ban
 Venezuela says new currency platform to begin operations Monday EmptyMon Aug 07, 2023 3:07 pm by PurpleSkyz

» “Texas Student Dies in Car Accident — Discovers Life after Death”
 Venezuela says new currency platform to begin operations Monday EmptyMon Aug 07, 2023 3:05 pm by PurpleSkyz

» The hidden history taught by secret societies
 Venezuela says new currency platform to begin operations Monday EmptyMon Aug 07, 2023 3:03 pm by PurpleSkyz

» Vaccines and SIDS (Crib Death)
 Venezuela says new currency platform to begin operations Monday EmptyMon Aug 07, 2023 3:00 pm by PurpleSkyz

» Sun blasts out highest-energy radiation ever recorded, raising questions for solar physics
 Venezuela says new currency platform to begin operations Monday EmptyMon Aug 07, 2023 2:29 pm by PurpleSkyz

» Why you should be eating more porcini mushrooms
 Venezuela says new currency platform to begin operations Monday EmptySun Aug 06, 2023 10:38 am by PurpleSkyz


You are not connected. Please login or register

Venezuela says new currency platform to begin operations Monday

Go down  Message [Page 1 of 1]

ymoilman2



Venezuela says new currency platform to begin operations Monday

CARACAS, March 6 Thu Mar 6, 2014 7:59pm EST

(Reuters) - Venezuela on Monday will begin operations of a new currency platform designed to ease the OPEC nation's dollar shortages through a market-based mechanism, the country's top economic official said on Thursday.
The platform called Sicad 2 will add a third exchange rate to the 11-year-old currency controls that sell dollars at 6.3 bolivars for preferential goods and at 11 for other items, both far below the 80 bolivars that greenbacks fetch on the black market.
Sicad takes its name from the Spanish acronym for the Complementary Administration System for Foreign Exchange.
"This mechanism will, as established by the law, allow for (currency) transactions between private individuals, and it's going to function soon ... it will begin operations as of Monday," Economy Vice President Rafael Ramirez said in comments broadcast on state television.

The black market has steadily strengthened over the last week after reaching nearly 90 bolivars, driven in part by expectations that the new system could boost dollar supplies.
The country has suffered chronic shortages of basic goods ranging from toilet paper to corn flour as the 11-year-old currency control mechanism has left businesses struggling to obtain the dollars they need.
The government last month paved the way for Sicad 2 by reforming the Exchange Crimes Law to allow businesses and individuals to take part in foreign exchange transactions. That activity had been previously reserved for the central bank.

Sicad 2 will hold auctions every day, with the amount on offer to be based on demand rather than a set amount, Ramirez said last month.
Buyers will not have to describe what the dollars will be used for when they bid, unlike in other foreign exchange mechanisms that exist under the currency controls.


Visit stage3alpha at: http://s3alpha.net/?xg_source=msg_mes_network

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum