Venezuela looks to unveil credible currency exchange system: official

CARACAS, Jan. 8 (Xinhua) -- The Venezuelan government on Monday submitted a series of proposals to the country's central bank (BCV) in a bid to implement a "new" and "credible" currency exchange system.

At the bank's headquarters, Minister of Agriculture Wilmar Castro Soteldo said the new floating exchange system, called Divisa Complementaria (Dicom), is a "totally credible model in which the private sector is going to openly participate."

The new system will still include "easily predictable controls like the old Dicom had, but with other features that are going to be as flexible as possible to allow the entry of foreign currency into our country, for both individuals and companies," said Castro.

BCV President Ramon Lobo said he would offer more details about the new Dicom in the coming days "to establish a new exchange scheme".

The new features will allow the government to "counter the economic warfare" being waged by the country's business sector against the government of President Nicolas Maduro, said Lobo.

Venezuela, which earns 96 percent of its foreign currency from oil, imposed currency controls in 2016 that applied dual exchange rates, a more controlled one for government purchases of strategic food and medicine imports, and another more flexible one for private companies and individuals. Enditem