March 11, 2014
Venezuela to create new forex platform through legal reform
Venezuelan President Nicolas Maduro today said his government in coming hours would reform currency exchange regulations to allow for a new foreign exchange platform under the OPEC nation's currency controls.
The new system would complement the foreign exchange auction system known as Sicad, Maduro said.
"We are going to open a new system, Sicad 2, with the reform of the Exchange Crimes Law," Maduro said in a televised broadcast. "(The reform) is almost ready, in the coming hours we should be putting it out. This will allow more supply of dollars from sources other than the state."
Venezuela's vice president for the economy last week said the new system would be in place before the end of February.
Economists have described the Exchange Crimes Law as a major impediment to a market-based currency exchange system.