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Venezuela eases currency controls
Last Updated: 2018-09-12 11:20 | Xinhua
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The currency controls in Venezuela have been eased to allow all banks to buy and sell foreign currencies including the U.S. dollar, a government minister said on Tuesday.

"Whoever wants to buy or sell foreign currencies, can do so at any bank," in accordance with relaxed rules announced last week by Venezuela's Central Bank (BCV), Industry and National Production Minister Tareck El Aissami, who also serves as vice president for the economy, told a press conference.

The currency controls that had been in place in Venezuela for some 15 years made foreign exchanges available officially only from the Central Bank. The new rules allow buying and selling of foreign currencies at not only all the private and state-run banks, but also money exchanges at hotels, airports and shopping centers.

According to the new rules, the banks must also publish the daily exchange rates.

"We want to guarantee that foreign currencies are obtained legally and eliminate currency speculation," El Aissami said.

Venezuela, with strict currency controls for some 15 years, has suffered a hyperinflation in recent years, with sanctions by the United States adding to its woes. Exchange rates are set through auctions carried out by the authorities.

The currency controls, however, had spawned a lucrative black market for in which dollars were sold at 10 times the official rate. The new rules for currency exchanges were part of a series of measures announced recently to revive the economy.

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