Venezuela said it would weaken its currency for certain transactions like tourism and remittances, the latest in a series of steps to gradually devalue the bolívar and free up dollars for the cash-strapped government. Venezuelans seeking dollars for overseas travel, Internet purchases, airline tickets, as well as remittances from abroad will all use a new auction system that has recently sold dollars at 11.36 bolívares, versus the official rate of 6.3 per dollar, Oil Minister Rafael Ramírez, who serves as President Nicolás Maduro's top economic adviser, said in a news conference. More...
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