The Central Bank of Venezuela (BCV) authorized January 29 the functioning of a new electronic platform in the foreign exchange market. The platform is operated by Interbanex and is exclusive for the national private sector. The measure entered into force on that day. The only authorized bank authorized to operate with Interbanex up to now is Banco Occidental de Descuento (BOD).

The exchange rate is based on the one offered by Dólar Today (BTC) and fluctuates according to the supply and demand of the market, in order to guarantee the system’s transparency. In addition, the platform collects a 0.125% commission for each transaction. The president of the BCV, Calixto Ortega Sanchez, has welcomed the incorporation of this platform to the Foreign Exchange Market System as strengthening the Venezuelan financial system.

The measure is part of the Economic Recovery Program driven by the President of Venezuela, Nicolas Maduro. Other initiatives aimed at the financial sector in recent weeks include repealing the bank’s special reserves, strengthening controls on foreign currency purchase and sale transactions and increasing the minimum and maximum limits for credit card financing.