Venezuela to adopt a more flexible exchange rate

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Venezuela announced a partial liberalisation of its restrictive exchange rate system on May 7 as the economy battles hyperinflation and US sanctions limit access to hard currency.

The new regulation allows local banks to act as intermediaries for exchange rate operations in the private sector for corporate and retail investors. The aim appears to be to achieve a more market-determined exchange rate and reduce the black market for the bolívar, although authorities did not explain the rationale

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