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Venezuela start forex trading with a "perfect" system |
The financial vice-president of Venezuela , Rafael Ramirez, reported that trading forex controlled through state and private banks and financial institutions will begin next Monday with a system that already has the resources "to begin " and polished to a be "perfect."
"We have already received in bank deposits Foreign Currency ( ... ) we have a significant amount of resources to start the system and on Monday we will begin to see what the demand is , but which is also the supply of dollars ," said Ramirez told reporters.
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" Be transparent and invulberable " say
He also Petroleum and Mining minister recalled that the state-owned Petroleos de Venezuela ( PDVSA ), the Central Bank of Venezuela and public banks are allowed to begin trading and placing securities or currencies in Complementary Currencies Acquisition System ( Sicad ) II , which he called " transparent and invulnerable ."
"This system is open, we have tested ( ... ) on we are ready to make it perfect ," said the minister and said that in recent days have been testing in the Central Bank and the Ministry of Finance.
He also said that a meeting with brokerage firms , entities engaged in financial transactions, "and the rest of the operators " will be held to begin operations " perfect way " .
How does the new mechanism works ?
The new mechanism was devised by the Government under the exchange control operating in the country since 2003 to complement the National Foreign Trade Centre ( Cencoex ) delivering dollars to a change of 6.30 bolivars to the Additional Acquisition System Exchange ( Sicad ) running through auction .
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President Nicolas Maduro announced more than a month ago that Sicad II would be launched to meet the demand for dollars to private participation to tackle the illegal parallel dollar , whose value is as much as ten times higher.
Ramirez said that after the announcement of the launch of the new system and the laws that protect him parallel dollar price " down low and expedited manner " and has already been reduced by more than 30 bolivars .
According to the rules established for the system amounts traded in Sicad II always be worth bank accounts.
more details
The resolution of the Central Bank of Venezuela (BCV ) flexible exchange state control permission for keeping the issuing agency and the Ministry of Finance to intervene in this market, " as they deem appropriate ," according to the regulations.
Furthermore, forex trading in cash or securities in the Sicad II empowers companies to repatriate their dividends and other operations, according to the Government .
Transactions in this system will have a " reference rate " to be published by the BCV.
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