US$-Bs. exchange rate may be modified in 15 days

www.vheadline.com Posted: Thursday, February 27, 2003 By: Robert Rudnicki

According to Planning & Development (Cordiplan) Minister Felipe Perez the government is considering changing the current exchange rate of the bolivar, which is pegged at Bs.1,600.00 / Bs.1,596.00 against the US dollar. "We are studying the possibility, we will have 15 days to evaluate and to modify the exchange rate."

• Another option that the government is believed to be considering is changing the rate on a weekly basis under a crawling peg regime. 

Dollars will soon be available through seven privately-owned banks following the signing of currency accords with the Currency Administration Commission (Cadivi) with around $40 million likely to be offered every day. Cadivi president Edgar Hernandez Behrens says he expects dollar applications considered to be priority to begin to be processed early next week.