CARACAS: Venezuela will create a new currency exchange mechanism to replace the DICOM rate, also known as SIMADI, President Nicolas Maduro said late on Monday in a televised speech.
The country currently has two official exchange rates, DIPRO at 10 and SIMADI at 709 bolivars per dollar. On the black market, however, a dollar can fetch for more than 3,000 bolivars.
Previous new exchange mechanisms have failed to curb the weakening of the bolivar on the black market.
The new rate was not given. -- Reuters