More than 10 thousand users have registered to participate in Dicom's system, minister says

AVN.- Venezuela's Vice President for Economic Area, Ramon Lobo, said that more than 10 thousand natural and legal persons registered on the first day to participate in the Complementary Floating Exchange Rate System (Dicom).

He ratified the first auction will be held Thursday and close on Friday afternoon. The results will be announced next Tuesday, due to Monday being a bank holiday.

In an interview with state media, Lobo pointed out that Dicom rate will fluctuate within two limits, one lower and one higher, based on a system of monitored mobile bands.

These bands will be adjusted periodically according to evolution of fundamental variables of the economy.

"This measure aims to optimize the exchange system for the integral development of the whole economic sector", he affirmed.

Lobo said the national executive has carried out a financial reengineering for national development.

"If we are launching auctions is because we will have currencies and dollars to be demanded and used rationally," he said.

In addition to the Dicom, vice president ratified the government will continue using the system of protected exchange rate (Dipro), for food and medicines mainly.

"It is a protected currency, targeting well defined sectors related to primary needs. Any kind of sales process is taking place there," he said.

The operation of the new Dicom, which came into effect on Tuesday, is included in the Exchange Agreement No. 38, for natural and legal persons and the authorized public sector.

These actors must complete a registration form on the page www.dicom.gob.ve, where they will be able to choose the different options to either buy or sell currencies.

Subsequently, the computer system, which will be administered by the BCV Auctions Committee, will generate an exchange rate, make an immediate award and send the information to the exchange operators to verify availability of resources of those who requested foreign exchange.

Once the application has been made, the petitioners' resources will be blocked.

When the request is formalized, it will automatically be sent to the BCV to start the settlement process immediately through the established operators.

Individuals may request up to $ 500 quarterly and a maximum of $ 2,000 a year, while legal entities may request up to $ 400,000.

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