Venezuela cracks down on 'parallel' currency market

hugo-chavez

CARACAS – At a press conference on May 18, the Venezuelan government announced it had suspended trading in foreign government bonds and said it would seek to set new controls on the exchange rate. The move is part of a broad plan to crack down on foreign exchange trading to prevent what Jorge Giordani, the country's finance minister, has described as a "financial avalanche".

The unofficial parallel market has sprung up as Venezuelans wanting exposure to US dollars have opted to buy US government

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