August 2, 2018 / 5:30 PM / a year ago

Venezuela's Constituent Assembly votes to legalize money exchange operations

CARACAS, Aug 2 (Reuters) - Venezuela’s Constituent Assembly on Thursday voted to legalize money exchange operations in an attempt to relax the strict currency controls that have throttled the oil-rich nation’s economy.

The assembly voted to approve a proposal to revoke the law that criminalizes money exchange and to change the law governing the Venezuelan Central Bank to allow the sale and purchase of foreign currency.

The measure’s reach was not immediately clear and previous moves to tweak the economic model have had little impact. (Reporting by Vivian Sequera, Corina Pons, and Andreina Aponte Writing by Angus Berwick; Editing by David Gregorio)

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