According to the settings of the new exchange system, the exchange rate for Venezuelans who want to travel abroad will be more than 1,500 percent higher than the one applied so far, the vice president for productive economy Miguel Perez Abad announced on Wednesday
Dollars for travelers and electronic purchases of Venezuelans, which have so far been available at the rate of 13 bolivars per dollar, will be sold at a higher exchange rate which will fluctuate around 200 bolivars per dollar, Abad said on Wednesday.
The exchange rate is part of the dual exchange rate system, recently announced by the Government of Venezuela, which takes effect on Thursday, he said.
The system has been launched at a time when the country faces a severe economic crisis, exacerbated mainly by falling oil prices which have reduced the income of the oil exporting country by up to 70 percent.
The application of this exchange rate means that the Venezuelan government continues to subsidize the trips abroad of its citizens, although to a much less extent than before.
The floating rate, called “complementary foreign exchange rate (DICOM),” also includes the sales operations of foreign exchange generated by exports, and the sale of hydrocarbons and basic industries, explained the vice president at a press conference from the headquarters of the Central Bank of Venezuela.
