Venezuela will modify its complex currency controls and add a third new exchange system where dollars will be offered through private investors. This is to combat the black market and keep the existing three-tier model, said President Nicolas Maduro.
The official exchange rate to the dollar will remain fixed at 6.3 bolivars for government imports, payments for essential food and health services. The two other existing currency auctions, where the dollar was sold for 12 and 50 bolivars, will merge into one.
“This is the decision I have taken: a system of three markets,” Maduro said Wednesday at Venezuela’s National Assembly “This exchange system is a transitory system to attend the country’s development needs.”