Venezuela says first Dicom forex auction yields rate 2,010 bolivars

Economy
© Reuters. People walk by banners of Venezuelan currency displayed at the Venezuelan Central Bank building in Caracas, Venezuela© Reuters. People walk by banners of Venezuelan currency displayed at the Venezuelan Central Bank building in Caracas, Venezuela

CARACAS (Reuters) – Venezuela's central bank said on Wednesday that the exchange rate of its new Dicom currency auction system was 2,010 bolivars per dollar, a steep devaluation from the previous rate of around 728 bolivars.

The first auction saw some $ 24 million sold off, a low amount that suggests that this new mechanism will again fail to assuage demand for greenbacks in the crisis-hit OPEC nation.

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