Venezuela to adopt new currency exchange system

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The Central Bank of Venezuela will adopt a new currency exchange system, it was announced yesterday, which will operate with three different rates as before, but with one determined by the market.

Announcing the changes, Venezuelan president Nicolas Maduro said the new system was designed to serve "more efficiently the needs of the public and private sectors to improve the economy".

The major alteration concerns SICAD II, an exchange rate for private sellers that was previously set at around 51

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