TODAY VENEZUELA – Brokers and authorities in Venezuela have agreed on the new technological platform for operation of the third forex system announced in recent weeks.
The platform will be the same implemented for the Second Ancillary Foreign Currency Administration System (Sicad 2), which has been proven highly efficient and allows auditing in real time.
Foreign currency sellers -individuals, legal persons, authorized operators, banks, stock exchanges, the Central Bank of Venezuela, and state-run oil company Pdvsa- are to offer their foreign currency on the market. Buyers -individuals, legal persons, and the private sector- are to make their bids. Demand will set the free-floating exchange rate.
Both operators and authorities also agreed that compensations and payment of securities and cash will be made through stock exchange Caja Venezolana de Valores.
Additionally, operations over USD 1,000 are to be carried out through the state-run stock exchange Bicentenaria, while lower amount will be traded at bureaux de change.