CARACAS (Reuters) – Venezuela yesterday devalued the country’s strongest official exchange rate by 37 per cent and turned a three-tier exchange rate system into a dual system as part of a package of measures meant to address the OPEC nation’s economic crisis.
President Nicolas Maduro said the 6.3 bolivars per US dollar exchange rate, which applies for priority goods such as food and medicine, will weaken to 10.
The SIMADI exchange rate, which is around 203 bolivars per dollar, will be turned into a floating rate, he added in a televised broadcast.
