The new Foreign Exchange Floating Market Exchange Rate System starts to operate
26 enero 2018

Venezuelan Vice President, Tareck El Aissami, announced the activation of the new Foreign Exchange Floating Market Exchange Rate System (Sistema de Divisas de Tipo de Cambio Complementario Flotante de Mercado – Dicom) as of January 25th. The objective of this measure is to normalize and balance the exchange rate of the bolivar against the dollar and facilitate access to foreign currency for all productive sectors of the economy.

The system has new features, among which are:

  • Fixing a maximum amount of US $ 518 quarterly that individuals can acquire.
  • Existence of a system of bands, regulated and transparent, where the public sector offers to the private sector.
  • Enabling a special sale for exporters, to encourage the placement of foreign currency.

As Venezuelan President Nicolás Maduro had informed, Venezuelans living abroad can participate in the auction system. To do this, they must open a bank account in the national public bank with the remittance they send from abroad.

The Dicom is framed within the financial consolidation policies for 2018, aimed at combating the “economic war” that the Western powers declared to Venezuela.

 

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