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Venezuela to Auction Dollars to Fight Black Market Rate

Venezuela will start auctioning dollars to importers, especially of medicine, food and industrial equipment, to arrest the bolivar’s decline in the black market and ease inflation.

The greenbacks will be auctioned with prices starting at the official rate of 6.3 bolivars per dollar, central bank President Nelson Merentes said today on state television. The dollars will be cheaper than in the black market, where they sell for as much as 23.5 per bolivar, he said.