Venezuela cracks down on “parallel” currency market

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At a press conference on Tuesday, the Venezuelan government announced that it had suspended trading in foreign government bonds and said it would seek to set new controls on the exchange rate. The move is part of a broad plan to crack down on foreign-exchange trading to prevent what the Jorge Giordani, the country's finance minister, has described as a "financial avalanche".

The unofficial parallel market has sprung up as Venezuelans wanting exposure to US dollars have opted to buy US government

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