UPDATE 1-Venezuela outlines new currency platform to fight black market
CARACAS, March 11 (Reuters) - Venezuela on Tuesday published rules for an imminent new foreign exchange platform designed to ease dollar shortages and combat black market trading through a market-based mechanism.
The platform, called Sicad 2, adds a third exchange rate to the OPEC nation's 11-year-old controls that sell dollars at 6.3 bolivars for preferential goods and at 11.8 for other items.
Though details of the new system were published in the government's official Gazette, there was no word on the amounts likely to be offered, the expected price or what day trading would start.
Dollars can be offered in cash or bonds via Sicad 2 at a price above the other two rates, but below the roughly 80 bolivars that dollars currently fetch on the illegal market.
Both businesses and individuals can participate in the system, which will operate alongside existing currency controls.
"We're going to defeat the illegal, speculative market," Economy Vice President Rafael Ramirez told reporters. "It's a dollar price without any economic fundamentals which has harmed our economy, caused inflationary pressure."
The Gazette said the platform would operate daily, with transactions to be completed within 48 hours of a deal. Continuación...