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Forex to be legalized on Colombia-Venezuela border

Forex to be legalized on Colombia-Venezuela border
Forex to be legalized on Colombia-Venezuela border

(Q24N) Local authorities of Táchira state (southwest Venezuela) recently met with representatives of exchange offices in bordering towns with Colombia. During the meeting, they pondered on the actions to resume operations acting as intermediaries in purchase and sale of Colombian pesos and Venezuelan bolivars.

The move is intended to buy products and services at a cross-border level, reported Colombian daily “La Opinión.”

The authorities expect to map out joint projects to resume operations through a new bilateral deal intended to raise the bolívar value versus the Colombian peso.

Additionally, they seek to dampen speculations and benefit from tax breaks and exemptions in the Special Economic Zone (SEZ).