August 18, 2018 / 12:00 AM / in 2 months

Crisis-stricken Venezuela says to establish single forex rate

CARACAS, Aug 17 (Reuters) - Venezuelan President Nicolas Maduro said on Friday night the country would establish a single exchange rate that would be pegged to his leftist administration’s Petro cryptocurrency.

Complex currency controls, first enacted in 2003 in order to prevent capital flight, are identified by economists as being a major cause of Venezuela’s economic meltdown, which has left millions suffering food and medicine shortages. (Reporting by Caracas newsroom; Editing by Sandra Maler)

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