Maduro announces forex system for three markets

A foreign exchange system at an exchange rate of VEB 6.30 per US dollar will remain in place for priority items. One single Ancillary Foreign Currency Administration System (Sicad) will be established and the system of auction sales of foreign currency will be enhanced

"The dollar will stand at VEB 6.30 for foodstuffs and basic items," the Venezuelan president explained (AVN)
“The dollar will stand at VEB 6.30 for foodstuffs and basic items,” the Venezuelan president explained (AVN)

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.