Venezuela's Ramirez says Sicad 2 fx system to sell dollars daily

Reuters

CARACAS, Feb 20 (Reuters) - Venezuela's vice president for the economy, Rafael Ramirez, said on Thursday a long-awaited new foreign exchange system will hold hard currency auctions every day, hopefully from Monday.

President Nicolas Maduro signed a decree creating the new system, known as Sicad 2, late on Wednesday. The government says private companies and individuals will be able to sell dollars under the system, which will use a currency mechanism known locally as "permuta" based on bond swaps.

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