Xinhua, Caracas :
Venezuela yesterday officially launched a new foreign currency exchange system that allows two different exchange rates to be applied to the public and private sectors.
The new system, ordered by President Nicolas Maduro in January, also regulates the supply of dollars, by placing an exchange limit on private individuals and entities, and giving priority to state agencies.
All transactions will be under the supervision of the Venezuela ‘s central bank and the Finance Ministry.
The key feature of the new exchange system is that it allows the government, instead of the market, to control the exchange rate, Rafael Ramirez, the vice president in charge of economy, said earlier.
Back in January, Ramirez, said the official exchange rate of 6. 3 bolivars to the U.S. dollar would continue to apply to state agencies that need dollars to import essential goods such as medicine and food, while Venezuelans traveling abroad or other private individuals would pay the market rate.
