By introducing the new free floating currency market, the concern government has not set aside the three tiered rule as the investors considered this structure as the basic pillar for the economic growth of the country and they invested by taking into consideration the three tiered structure, a sudden change to the basic economic structure of the country may lead to major crisis for the economic development (Shamah, 2008).
The government by introducing new economic sketch intends to ease 12 years old economic structure which has been established by let socialist leader. But in present scenario the previous structure in strict manner is not compatible to deal with a major economic crisis like recession and high speed inflation (DeRosa, 2011).
Dollars is to be purchased and sold at the rate of 6.3 bolivars or 12 bolivars, in this case retailers may hold down prices for reflection of subsidies. The government revealed that a third price shall also be there which 52 bolivars is but all together this rates are going to be repealed for a better transparent system and it will depend upon the actual demand and supply.
The finance minister of the country Mr. R.M Torres said that the new currency control system is totally free and this market will set the exchange rates itself, but in this segment only those bank accounts can take part, which are dollar denominated.
Amodio, E. (2012). El detestable pecado nefando. Nuevo mundo mundos nuevos.
DeRosa, D. (2011). Options on foreign exchange. Hoboken, N.J.: Wiley.
Norris, J., Gaskill, A. and Bell, T. (2010). Mastering the currency market. New York: McGraw-Hill.
Shamah, S. (2008). A foreign exchange primer. Chichester, England: John Wiley & Sons.
Twomey, B. (2012). Inside the currency market. Hoboken, N.J.: Bloomberg Press.
Zeng, S. (2011). Foreign Exchange Reserves Demand Model Based on Chinese Government Utility Maximization and Analysis of Chinese Foreign Exchange Reserves. ME, 02(03), pp.354-370.
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