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Venezuela to open currency exchanges in airports, hotels

Staff Writer | May 3, 2018
The Venezuelan government gave the go-ahead for currency exchanges to be opened in special economic zones, airports, hotels and tourism centers, said the executive vice-president, Tareck El Aissami.
Tareck El Aissami
LatAm   Tareck El Aissami said:
"We will open currency exchanges in the coming hours across the country, for people who have to make some sort of exchange operation, especially remittances, to have a legal way to do so," said El Aissami at a press conference.

He said the goal of this move was to halt "organized crime mafias who encourage and promote the criminal (U.S.) dollar which heavily affects the national economy."

El Aissami added that currency exchanges would be opened in the four special economic zones opened by the government, including the island of Margarita, the archipelago of Los Roques, the peninsula of Paraguana and the border area of Urena-San Antonio.

The government is also planning to soon release more information concerning which banks will be allowed to operate the currency exchanges.

For 15 years, Venezuela has maintained strict control over exchange rates, although a rampant black market sees currencies exchange for over 10 times official rates.

Until now, Venezuela's official Dicom exchange rate limited currency exchanges at only 1,680 euros ($2,010) a year for individuals.