Puebla, Mexico, May 25, venezuelanalysis. At Caracas time, the newly created online exchange platform issued its first call to bidders, allowing Venezuelan citizens and businesses to trade their bolivares for dollars, vice minister of the economy Ramon Lobo has announced. Unveiled on Tuesday by the government after being initially announced at the end of March, the new auction platform is a reformed version of Dicom.
Dicom itself was created in March , with the government stating it would offer currency traders a free floating exchange system. The system was aimed at producing foreign currency for non priority imports and travel. At the time, the government said Dicom was intended to compliment the Dipro platform, which offered foreign currency at a fixed exchange rate. However, this rate will be restricted by bands set by the central bank BCV.
He continued by explaining the new auctions will take place in two rounds. Lobo said this second auction will balance any discrepancy between supply and demand that may emerge in the first round of bidding, though the government is yet to release further details of how it will work in practice.
The new Dicom platform is the fifth major foreign currency exchange reform undertaken since President Nicolas Maduro took office in Previous exchange systems have been marred by complaints of a lack of foreign currency and opaque bureaucracy.
On the black market, the bolivar is currently trading at just under BsF to the dollar, according to the opposition-aligned tracking website, dolartoday. Comparably, the strongest official exchange rate, Dipro, is trading at BsF10 to the dollar. Skip to main content. May 25th at See Also Nov 23rd The author argues that the current foreign exchange control regime has failed to prevent transnational and domestic capital from taking its profits out of the In the midst of an overhaul of the bond trading regulations meant to stop inflation in the unofficial dollar market, the Venezuelan government stepped up its Featured Dec 1st The six men were charged with willful embezzlement, association with contractors, money laundering, and criminal association during a hearing before the 30th Colombian migration authorities have confirmed that Ledezma entered Colombian territory by land from Tachira.
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