Value of Venezuela's bolivar currency plunges on first day of new exchange rate system

February 12, 2015 10:45 PM

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CARACAS, Venezuela – Venezuela's currency has plunged in Thursday's debut of a new exchange rate system aimed at easing the country's crippling economic crisis.

The central bank said the bolivar averaged 170 to the U.S. dollar in the first day of trading on the new market where businesses and individuals can circumvent decade-old currency controls and now legally buy greenbacks. That compares with 6.3 and 12 bolivars per dollar for priority imports and 190 ...

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