Venezuela gives few details of new forex system

Venezuela has vowed to provide more dollars to importers through a new foreign exchange system, but officials gave only vague details of how it will work and skirted around key issues including what the rate would be.

The measure appears to be an attempt by the government of acting President Nicolas Maduro to ease import bottlenecks caused by a lack of dollars as he heads into an April 14 election triggered by the death of Hugo Chavez.

via Business feed http://www.scmp.com/business/banking-finance/article/1195245/venezuela-gives-few-details-new-forex-system