Venezuela tightens grip on FX in bid to close down unofficial market

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The Central Bank of Venezuela has been given more control over the provision of foreign exchange in an attempt to curb unofficial currency trading in the country.

On Sunday, Hugo Chavez, Venezuela's President, signed a new law that put the central bank in control of deciding which brokerages can participate in the foreign exchange market, giving the central bank authority over the market for foreign-denominated assets. The law attempts to prevent brokerage firms from speculating on the bolivar.

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