The “complementary” system will not be similar to a previous swap market closed in 2010, which lent itself to irregularities, Ramirez said, according to state news agency AVN. Public and private companies can participate, and the transactions can take place once the country’s illicit foreign exchange law is modified, he said. “It will be more transparent,” Ramirez said. “The private sector should be able sell its foreign currency so that our economy can function. With our public funds from oil we’re going to guarantee what we consider essential to our priorities.” More...

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