Venezuela eliminates heavily subsidized DIPRO forex rate [Reuters (UK)]
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Source: Reuters
Venezuela eliminates heavily subsidized DIPRO forex rate | Reuters Reuters Staff 2 Min Read CARACAS (Reuters) - Venezuela has eliminated its heavily subsidized DIPRO exchange rate used for imports of food and medicine, according to regulations published on Monday, as it revamps its exchange control system amid an economic crisis. The OPEC country has for 15 years subsidized hard currency through exchange controls, but has struggled to provide dollars for the system since the 2014 collapse of oil markets - spurring Soviet-style product shortages. The central bank last week relaunched an exchange system known as DICOM, which most recently sold dollars at 3,345 bolivars. It did not say what the new DICOM rate would be. The new regulations say all future hard currency transactions will be carried out at the DICOM rate, and in the process eliminates the preferential DIPRO rate of 10 bolivars. “The (DICOM) rate will apply for all foreign currency operations, for the public and private secto
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