nsnbc — Venezuelan Govt to Hand Domestic Industry up to US$7 Billion in Forex

The Venezuelan government announced Thursday the creation of a new bank to help small businesses obtain raw materials and basic goods, while vowing to provide local industry with billions of dollars of new foreign currency supplies.

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Venezuelan Govt to Hand Domestic Industry up to US$7 Billion in Forex

According to Vice-President for Economy Miguel Perez Abad, the government will consolidate its 6 and 13 bolivar exchange rates into a new protected rate of 10 bolivars per dollar, which will be made available for vital imports such as food, medicine, raw materials for production, as well as pensions for Venezuelans living abroad.
The new rate, known as DIPRO, will also be used for payments in the state sectors of healthcare, culture, sports, scientific investigations, and in other cases of special urgency.

Venezuela Revamps Currency Exchange System