(MENAFN) Venezuela plans to sells as much as 82 percent of its foreign currency at a subsidized official rate of 6.3 Venezuelan bolivars per one US dollar while the remaining 18% will be sold at double rate, according to Qatar News Agency
The forex measures were approved by Venezuela's vice president for economic affairs Rafael Ramirez earlier on Sunday
Ramirez, also Minister of Petroleum and Mining, said the country plans to allocate USD42.96 billion of the currency to improve sectors like health, education and feeding.
Ramirez said: "We are not going to deviate from our political plan. The currencies from oil revenues, some 96% of the total, belong to the people and will have a preferential rate of 6.3 bolivars.
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