Last Updated: 2018-09-08
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UNDATED, Sept 8 (NNN-TELESUR) --Venezuela has announced free currency exchange in a new agreement enabling public and private banks to buy and sell foreign currency at a single rate set by the Central Bank, the government announced Friday.

The move is intended to curb the currency speculation fueling inflation, Economy and Finance Minister Simon Zerpa said, and means "the entire financial sector will allow the Venezuelan population to sell and buy foreign currency for retail, to meet their personal needs."

"The retail transactions that were being reserved exclusively for the exchange houses, now also go to the public and private banks," Zerpa said, noting the current official rate of 61.3 bolivars to the U.S. dollar.

The announcement follows the recent launch of a new paper currency, the Sovereign Bolivar, and is part of the series of long-anticipated economic measures the government began rolling out on August 20.-- NNN-TELESUR