Colombia, Venezuela create new exchange rate to bolster trade, reduce smuggling
Colombia, Venezuela create new exchange rate to bolster trade, reduce smuggling
Aug 4, 2014 posted by Victoria McKenzie
Colombia’s President Juan Manuel Santos and his Venezuelan counterpart, Nicolas Maduro, have agreed to create a new exchange rate in order to combat illegal contraband trafficking across the border, national media reports.
After meeting in Cartagena on Friday to discuss key bilateral issues, Presidents Santos and Maduro announced an agreement to facilitate trade between their countries and curb the growing problem of trafficked goods across the border, according to Dinero magazine.
The new exchange rate, yet to be agreed upon, will allow each country to use its own currency to trade, and aims to drop the US dollar as an international standard. For the moment, however, monetary surpluses will need to be converted into international currency.
After the declaration by the heads of state, Colombian Minister of Finance Mauricio Cardenas and Venezuelan Minister of Interior Miguel Rodriguez Torres signed off on the agreement.
More:
http://colombiareports.co/colombia-venezuela-create-new-exchange-rate/
