CARACAS Jan 22 Venezuela will reform its
decade-old currency control system to create new rates for the
price of U.S. dollars, the government said on Wednesday.
Rafael Ramirez, the oil minister and vice president for the
economy, said the lowest official rate of 6.3 bolivars to the
dollar would remain, but did not give details of the other
"We're creating a system of bands in a new currency system,"
Ramirez told a news conference.
Local media have speculated that there will be a dual
currency rate, with the second level based on the central bank's
weekly Sicad currency auctions, where greenbacks currently fetch
about 11 bolivars.
The government is trying to put the brakes on high inflation
and bring down a black market rate for dollars that has shot up
in recent months to more than 10 times the official 6.3 rate.