Venezuela reveals rules for new forex platform

Venezuela on Tuesday published rules for a new foreign exchange platform that the government hoped would ease the country's U.S. dollar shortages and suppress black market trading. The Sicad 2 platform allows public institutions to sell dollars at a higher price than the official rate of 6.3 bolivars, but lower than the black market prices of about 80 bolivars. The new platform is applicable for transactions in bonds, securities or cash, according to rules published in the official Government Gazette. The Central Bank will publish the daily price and may intervene "to avoid or counteract the impact of erratic fluctuations," it said.