Venezuelan President Nicolas Maduro said on Thursday his cash-strapped country would seek to “free” itself from the U.S. dollar next week, using the weakest of two official foreign exchange regimes and a basket of currencies. At the strongest official rate, one dollar buys just 10 bolivars, but on the black market the dollar fetches 20,193 bolivars, a spread versus the official rate that economists say has fostered corruption.
— source reuters.com 2017-09-15
New Iraq?
Venezuela Reports Oil Prices in Chinese Currency
Venezuela began on Friday to report its crude oil prices in the Chinese Yuan, bucking the oil market norm of pricing in the U.S dollar. The price per barrel posted on Friday was 306.26 yuan, which exchanges to US$46.76 according to the bulletin.
— source telesurtv.net 2017-09-17