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Latin American Economy & Business - February 2015 (ISSN 1741-7430)
Venezuela: The government seeks to nationalise the parallel currency market
In mid-February 2015, the left-wing government led by President Nicolás Maduro introduced a new, and third, official currency trading system, the Sistema Marginal de Divisas (Simadi). The main ambition behind the Simadi is that it provides an incentive for parties who would otherwise trade US dollars through the so-called ‘parallel’ (i.e. black) market to deal through institutions regulated by the government. The move by itself is unlikely to resolve the fundamental problems facing the Venezuelan economy, however.
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