FX Markets

Venezuela eyes fixed rate for the bolivar

Finance minister Tobias Nobrega said last week that the government would begin attempting to restore the currency’s stability by adopting a fixed bolivar market rate, to be adjusted monthly.

Nobrega did not say at what level the bolivar would be fixed, but said that as the oil industry recovers a dual exchange rate system would be adopted. Local reports suggested a level of around 1,700 bolivars to the dollar may be adopted -- prior to the closure of the FX market, the bolivar had fallen to

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