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Venezuela Announces 99.6 Percent Devaluation of Official Forex Rate

Venezuela's central bank on Monday announced a devaluation of more than 99 percent of its official exchange rate with a new foreign exchange platform. The central bank said the first auction of its new DICOM system yielded an exchange rate of 30,987.5 bolivars per euro, equivalent to around 25,000 per dollar. That is a devaluation of 86.6 percent with respect to the previous DICOM rate and 99.6 percent from the subsidized rate of 10 bolivars per dollar, which was eliminated last...

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