TODAY VENEZUELA (El Universal) Venezuelan President Nicolás Maduro announced late on Wednesday during the presentation of the Annual Report and Accounts 2014 that he and his economic team have designed a foreign exchange system comprising three markets, intended to meet all the foreign currency needs in the country.
One single Ancillary Foreign Currency Administration System (Sicad) will be established. “The Second Ancillary Foreign Currency Administration System (Sicad 2) will become a new system operating through both public and private stock exchanges,” said Maduro.
“The dollar will stand at VEB 6.30 for foodstuffs and basic items,” the Venezuelan president explained. He added that the new forex system would be temporary.