- Home
- Business
- News
- Venezuela De Facto Legalizes Free Acquisition, Selling of Foreign Currency - Reports
Venezuela De Facto Legalizes Free Acquisition, Selling Of Foreign Currency - Reports
Muhammad Irfan Published March 01, 2019 | 12:01 PM
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 (UrduPoint 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.
Related Topics
Recent Stories
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 25 April 2024
Today Gold Rate in Pakistan 25 April 2024
Mired in crisis, Boeing reports another loss
Session Awarding Ceremony 2024 held at Cadet College Muzaffarabad
Austrian ski great Hirscher to make comeback under Dutch flag
Pakistan, Japan agrees to convene 'Economic Policy Dialogue'
FM Dar conveys deepest sympathy on torrential rains devastation in UAE
Spain PM Sanchez says weighing resignation after wife's graft probe
Tennis: ATP/WTA Madrid Open results - 1st update
Long-lost Klimt portrait auctioned off for 30 mn euros
Osaka seals first win on clay since 2022 in Madrid
Earthquake jolts Karachi
More Stories From Business
-
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 25 April 2024
26 minutes ago -
Today Gold Rate in Pakistan 25 April 2024
51 minutes ago -
Meta profits soar but costs of AI cause worry
2 hours ago -
Mired in crisis, Boeing reports another loss
10 hours ago -
Pakistan, Japan agrees to convene 'Economic Policy Dialogue'
10 hours ago -
British-Pakistani firm unveils $35 million luxury apartments for overseas Pakistanis in Islamabad
11 hours ago
-
European stocks lose momentum after global rally
11 hours ago -
New pulses varieties imperative to cater domestic food requirements: Dr Khalid Hasan
12 hours ago -
CEO KP-EZDMC meets CRBC officials
12 hours ago -
Pakistan among nine poor countries that produces 90 percent cigarettes for world
13 hours ago -
Chief Minister Gilgit Baltistan Haji Gulbar Khan calls on Minister for Privatisation
13 hours ago -
Germany nudges up growth forecast, ailing economy at 'turning point'
13 hours ago