Venezuela Plans New FX System, Keep Primary Rate, Maduro Says
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Venezuela’s President Nicolas Maduro said he plans a new currency system for non-essential imports while maintaining the primary exchange rate for food and medicine.
The South American country will revamp a secondary system known as Sicad I and transition a system known as Sicad II to a market-based system, the president said, adding that officials would provide further details in the coming days. Venezuela will maintain the official rate of 6.3 bolivars per dollar for priority imports.