Venezuela unveils new forex system

Caracas

VENEZUELA on Thursday unveiled a devaluation of 69 per cent at the opening of a new free-floating currency exchange rate system, part of President Nicolas Maduro's efforts to shore up the Organization of the Petroleum Exporting Countries (Opec) nation's coffers amid tumbling crude prices.

The move may help ease market concerns of a possible debt default and boost supplies of US dollars to a currency-starved economy, but risks spurring inflation amid recession, product shortages and swelling supermarket lines.