Venezuelan bolivar is experiencing problems since 2003, when the late President Hugo Chavez imposed currency controls to stem capital flight after an oil strike.
Currently there are four exchange rates:
- the official one, called CENCOEX, intended for the importation of food and medicine;
- two exchange rates are SICAD I and SICAD 2 assign dollars to enterprises that import all other types of goods;
- one exchange rate is the SIMADI, reserved for the purchase and sale of foreign currency to individuals and businesses.
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