Central Bank of Venezuela grants exchange rate boost to state oil company

The Central Bank of Venezuela, Caracas

The Central Bank of Venezuela has announced that the country's state-owned oil company Petroleos de Venezuela (PDVSA) will be allowed to sell the dollars it receives from oil exports to regional allies at any of the three official exchange rates.

Until now, the company had to sell its dollars at the lowest exchange rate, currently 6.3 bolivars per dollar. With this new measure, announced on January 5, PDVSA can sell the dollars it receives from oil exports under three agreements – with Petrocari

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