The Central Bank of Venezuela has opened two first exchange offices where one can freely buy and sell foreign currency at the market rate, which means that the years-long ban on acquisition of the US dollar has been de facto abandoned, local media reported, citing the head of the bank, Jose Javier Morales
MEXICO CITY (Pakistan Point News / Sputnik - 01st March, 2019) The Central Bank of Venezuela has opened two first exchange offices where one can freely buy and sell foreign Currency at the market rate, which means that the years-long ban on acquisition of the US Dollar has been de facto abandoned, local media reported, citing the head of the bank, Jose Javier Morales.
The Venezuelan government has established control over all the currency operations in the country since 2003. As a result, an illegal market of currency operations has taken shape in the country, with its exchange rate exceeding the official exchange rate by dozens times.
According to the AVN news agency, the first exchange offices were opened in the country's capital of Caracas on Thursday. The Central Bank was the first one to open them, while other Venezuelan banks are to follow suit soon. Next week, exchange offices will start operating in the Venezuelan states of Miranda, Zulia, Lara, Tachira, Falcon, Aragua, Anzoategui, Bolivar, Sucre, Nueva Esparta and Vargas.
In the new exchange offices, Venezuelans will be able to freely buy and sell foreign currency at the rate of the official DICOM exchange system, which is now equal to the so-called black market rate.
The National Constituent Assembly of Venezuela passed in August a bill on the abolition of liability for currency exchange-related crimes, allowing circulation of foreign currencies inside the country.
