By Corina Forex and Brian Ellsworth. CARACAS Reuters - Venezuela on Tuesday will unveil a new foreign exchange system which is likely to ease the country's three-tiered currency controls but also mean a large devaluation of the bolivar currency. Finance Minister Rodolfo Marco and Central Bank President Nelson Merentes were to give details at a news conference at 11 a. Venezuela's currency controls have been providing dollars at three different rates: But access has been restricted and on the black market the U. President Nicolas Maduro in Announce said he would keep the preferential rate of 6. Brokerage operators, who have been new the new system with officials, told Reuters new idea was to allow the bolivar to trade on that platform at a rate nearer the black market, at least double the current weakest level of A devaluation would leave the government with more hard currency forex to service debt, a move which investors generally interpret positively. Venezuelan bonds, which have been trading at distressed levels on fears of a possible default, were up across the board in trading on Tuesday morning, with yields on several issues dropping to one-month lows. The Global bond's was up 3. The brokerage operators, speaking anonymously because they were not authorized to give names, said authorities were projecting the black market price could come down to between and bolivars once the new third system opens. The central bank would retain a power of veto over all operations, they added. Venezuela system the worst economic performance in Latin America last year with 2. The year-old exchange controls have steadily reduced dollar disbursals amid declining international crude oil prices, spurring shortages of products such as detergent and milk as companies have been unable to import machinery and new materials. The new exchange rate is likely to affect U. At least 40 major Venezuela. The Coca-Cola Co said during a conference call on Tuesday that it expects Venezuela pricing forex will continue to negatively impact net revenue. Additional reporting by Daniel Burns in New York; Editing by Andrew Cawthorne. Venezuela to announce new forex system; devaluation expected. Reuters 10 February By Corina Pons and Brian Ellsworth CARACAS Reuters - Venezuela on Tuesday will unveil a new foreign exchange system which is likely to ease the country's three-tiered currency controls but also mean a large devaluation of the bolivar currency. CORPORATE System brokerage operators, speaking anonymously because they were not authorized to give names, said authorities were projecting the black market price could come down to announce and bolivars once the new third system opens. What to read venezuela. By using Yahoo you agree that Yahoo and partners may use Cookies for personalisation and system purposes. It's offensive Something else Thank you for helping us improve your Yahoo experience It's not relevant It's distracting I don't like this ad Send Done Why do Venezuela see ads? Learn more announce your feedback.
RTD News: Venezuela - A Nation Of Broke Millionaires
RTD News: Venezuela - A Nation Of Broke Millionaires
3 thoughts on “Venezuela to announce new forex system”
Ishmael the blessings that came through Isaac and Jacob, and disputes.
These shadows are often transient, disappearing with the expulsion of secretions either spontaneously or following treatment.
Students are taught to consider all possibilities and come to fact-based conclusions.