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Venezuela sets up bond market with new controls

Venezuela sets up bond market with new controls

Venezuela's government and Central Bank have announced rules for a new bond trading system for currency exchange.
Under the rules announced Monday, Venezuelan banks will be able to sell investors' government bonds for dollars with prior approval by the Central Bank, which will have exclusive authority over the operations.
Many questions remain about how the system will work, such as what the band of permitted trading prices will be.
The government ordered a halt to bond trading three weeks ago as it moved to stem the falling value of the Venezuelan bolivar on the bond market.
Venezuela maintains strict currency controls and sets official exchange rates. But the bond market had been a legal route for trading currency.


Updated : 2021-10-20 08:32 GMT+08:00