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Venezuela’s Constituent Assembly legalizes money exchanges


The measure’s reach was not immediately clear and previous moves to tweak the economic model have had little impact. It is unlikely, economists say, that President Nicolas Maduro’s government would do away completely with currency controls, first introduced by his predecessor, Hugo Chavez, in 2003 to curb capital flight.

The decision appears, however, to be a sign that Maduro’s government recognizes the impact of the controls on Venezuela’s economy, which is in its fifth year of recession, with inflation expected to hit 1 million percent this year.

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