CARACAS (Reuters) - President Nicolas Maduro said he was modifying Venezuela’s complex currency controls but would stick to a three-tier system with cheap dollars guaranteed for food and medicine imports at the existing strongest rate of 6.3 dollars.
Currently, Venezuela operates three rates - 6.3 for essential goods, and two rates via the central bank known as Sicad 1 and Sicad 2 which offer limited amounts of dollars for around 12 and 50 bolivars respectively.
Maduro said Sicad 1 and Sicad 2 would be merged, though he did not say what the new rate would be.
A third mechanism would be created to offer dollars via private brokers, he said, without giving details.
Reporting by Alexandra Ulmer and Andrew Cawthorne; Editing by Lisa Shumaker