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Venezuela announces changes to foreign currency system

Posted on 23 January 2014

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………………………………………..Full Article: Source


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