Venezuela launches new currency exchange system

infobae.com reported a new exchange system took effect today in Venezuela. This is the System Marginal Currencies (Simadi), announced last week by the government of Nicolas Maduro . According to the text published in the Official Gazette, the retail market includes “forex trading in foreign notes, travelers checks or currency transfer through natural persons as well as the purchase of foreign currency checks encrypted and foreign exchange transactions related to electronic remittance service “.

The liquidation Simadi represent 5-10% of the oil money available, which inject more private. This Thursday was sold to 172 bolivars. It is powered by public and private companies and individuals wishing to buy or sell dollars at exchange houses, banks and stock traders cash, bonds and transfers.

The maximum amount of daily foreign exchange selling each person in the exchange will be $ 300 when trading is in bolivars and $ 200 when “foreign bills have”. It also established the amount of “$ 300 as the minimum amount at which universal banks may, by natural person, the operations of currency sales in the retail market,” according to official news agency AVN. Read Article