Petro “may help the global currency system.”

Venezuela’s Dicom foreign exchange

Venezuela’s foreign exchange platform, Dicom, is the venue in which the government auctions foreign currency. According to Finance Magnates, it was first created back in May 2017, with a rate of 2,200 bolivars to one US dollar. By June, the rate had surged to 2,640 bolivars per USD.

In September, the platform was temporarily shut down, due to a lack of foreign currency supply. It was then reopened at a rate of 3,345 bolivars per USD. Earlier this year, the rate skyrocketed to 25,000 bolivars per USD, while on the black market one USD costs 228,000 bolivars.

The platform allows users to participate in the system, after they register on it and hold an account denominated in foreign currency, at a bank authorized to operate in Venezuela. Reportedly, Dicom currently has 580,000 users.

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