Venezuela’s government plans to start a new foreign exchange market today after reopening a credit line from China, as it looks to ease a dollar shortage that has fueled more than three weeks of protests.
Venezuelan bonds rallied as the government said it will ease exchange controls and get as much as $7 billion in financing from China and Russia as it attempts to damp three-week-old protests that are expected to continue.
Venezuela’s government said it will relax exchange controls imposed over the past decade as it attempts to ease shortages of basic goods and damp deadly protests over the rising cost of living. Bonds rallied.
Venezuelan government and opposition supporters held rival marches today in Caracas after President Nicolas Maduro rejected any mediation by the Organization of American States and cut diplomatic and commercial ties with Panama.
Venezuela’s opposition has scaled back protests that have killed 18 people in the past three weeks as government supporters marked the one-year anniversary of the death of former President Hugo Chavez.
Opposition supporters marched in Caracas today, vowing to maintain pressure President Nicolas Maduro’s government as an extended six-day holiday failed to damp demonstrations that have killed 18 people.