LatinNews Daily - 26 May 2017

Venezuela: The official value of the Bolívar Fuerte fell by 67% after the central bank (BCV) launched its new exchange rate mechanism (Dicom), in which individuals seeking foreign currency for the purchase of non-priority goods and services are allowed to bid for US dollars in auctions in which the minimum and maximum limits are set by the BCV. A BCV statement said that it has set the minimum and maximum values for the first Dicom auctions at BF1,800/US$1 and at BF2,200/US$1, well above the previous Dicom exchange rate of BF725/US$1.

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