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Venezuela says revamping currency control system

Posted on 17 December 2013

Venezuela is boosting the use of the foreign exchange system known as Sicad to increase the amount of local currency it receives from oil revenue, tourism and gold sales, the country’s oil minister Rafael Ramirez said on Monday.
The government’s Sicad system was created to sell dollars through auctions to importers and travelers at a rate weaker than the official fixed rate of 6.3 bolivars. Though the government has not made the Sicad rate public, participants have said it has ranged between 12 and 14 bolivars………………………………………..Full Article: Source


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