Venezuela to ease currency controls

The Venezuela announced today that it was easing currency controls by allowing dollars to be sold through banks and exchange houses. Imports of vital items such as foods and medicines will still be based on the official exchange rate of 6.3 bolivars to the US$. Importers of other products still considered part of the basic basket of essential goods can obtain greenbacks at the rate of 12 bolivars to the US$. The third exchange rate will be in the free market on the basis of supply and demand. teleSUR