It will be implemented through the so-called marginal currency system.
“It (the system) is open and free, and buyers and sellers are able to connect within it,” – portal La Segunda Finance quoted the Finance Minister Rodolfo Marco Torres.
As part of the Secondary currency system, 3.8 thousand exchange bureaus will start operating. New prices will also be used to sell foreign currency to importers – at 12 bolivars per US $ 1. However, for suppliers of food, medicine and other essential commodities the exchange rate will remain the same: 6.3 bolivars per US $ 1.
According to experts, this is how the authorities are trying to solve the problem of fiscal deficit which now stands at 20% of Venezuela GDP. The situation worsened due to falling oil prices. The import of fuel accounts for 95% of the state revenue.
The currency market has been shaken up by “wars” for months now. For example, the National Bank of Ukraine refused to support the hryvna, which has recorded the historical low against the dollar. The European Central Bank announced its intention to “print” more than € 1 trillion. After it disclosed the information, euro fell against the dollar to its lowest level since 2003. Earlier, the Swiss National Bank has canceled the ceiling for franc exchange rate. The same solution may be used by Denmark.