Venezuela Vows Private Currency Market to Fix Dollar Drought
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Venezuela will create its fifth parallel currency market in 12 years to boost U.S. dollar supplies as plunging oil revenue worsens food and medicine shortages and pushes the nation deeper into recession.
The new market will allow private companies and individuals to trade the greenback through brokerages, President Nicolas Maduro told Congress in a televised address Wednesday night. The government will continue importing essential products at the primary exchange rate of 6.3 bolivars a dollar, while combining two other existing currency auctions into one, he said.