New Dicom operations to boost national economy

Caracas, 22 May. AVN.- The new auction of the complementary currency system (Dicom) will start operations on Tuesday, May 23, to boost Venezuela's economy and promote greater transparency in the foreign exchange market.

"The new Dicom system will start on Tuesday 23, and I ask for the support of all domestic economic and financial agents to stabilize the new Dicom ... It is designed to serve the national economy, the great interests of the nation," said president Nicolas Maduro, on May 16, in statements to state media from the Miraflores presidential palace in Caracas.

"The new Dicom will function as an auction system, and will allow us, in this new stage, to stabilize to the maximum, all that field of speculation of the economic war, the Venezuelan currency system," he said.

The Dicom is a fluctuating currency mechanism created on March 9, 2016 to govern all transactions not included under the protected exchange rate (Dipro), which is used for food and medicines. Its exchange rate has been around 700 bolivars per dollar. It is replacing the Marginal Currency System (Simadi).

This new phase of Dicom aims to perfect and build in the medium term a system of access to currencies for all productive sectors. It also seeks to reactivate the flow of capital for all sectors of the real economy, with the aim of increasing the capacity for self-sufficiency and diversified exports.

This mechanism is expected to hold auctions twice a week, and the Executive stressed the need for all sectors to participate to optimize the flow of dollars.