Venezuela to ease foreign exchange regime: source

Venezuela will make its foreign currency system more flexible by reviving a stalled dollar auction scheme in July and after that allowing a revival of a free-floating secondary currency mechanism, a source in the government’s economic team said.

Venezuela has operated currency controls for a decade, and restricted access to dollars at the official rate of 6.3 bolivars are a major gripe for local businesses and a cause of the OPEC member’s slowing growth rate.

via Business feed http://www.scmp.com/business/economy/article/1267761/venezuela-ease-foreign-exchange-regime-source