{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Head of central bank explains \u0026quot;complementary\u0026quot; foreign exchange system' data-url='/boclips/videos/5c54c26ed8eafeecae159b0b' data-video-url='/boclips/videos/5c54c26ed8eafeecae159b0b' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nHead of central bank explains \u0026quot;complementary\u0026quot; foreign exchange system\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003e1. Wide of news conference by President of Venezuela's Central Bank, Nelson Jose Merentes, and Venezuelan Minister for Petroleum, Rafael Ramirez2. Mid of camera filming news conference3. SOUNDBITE (Spanish) Rafael Ramirez, Venezuelan...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. Wide of news conference by President of Venezuela's Central Bank, Nelson Jose Merentes, and Venezuelan Minister for Petroleum, Rafael Ramirez\u003cbr/\u003e2. Mid of camera filming news conference\u003cbr/\u003e3. SOUNDBITE (Spanish) Rafael Ramirez, Venezuelan Minister for Petroleum:\u003cbr/\u003e\"Many linked sectors that have to recover goods for capital, replacements, they have to show a product, they complain that the assignment of currency exchange arrives late and so they can't place their order, they can't gain access to the manufacturer, they can't even process their order. With the credit card, which is a widely used mechanism at a global level, once the adjudication is approved, you will be able to use a credit card with the provider and immediately the process begins.\"\u003cbr/\u003e4. Reporters at news conference\u003cbr/\u003e5. SOUNDBITE (Spanish) Nelson Jose Merentes, President of Venezuela's Central Bank:\u003cbr/\u003e\"Business people, if you go the market and there aren't places, go to the CIMA (Venezuelan government company for currency exchange) go to the complementary system for currency exchange and if the auction, due to technical points, is good for you then adjust your prices to the current environment. Because this market is very speculative, and its obscure, very obscure, for business the future is in wire transfers. Here no, you are going to have transparency, validity, clarity, and you're going to have better results in the economic dynamic.\"\u003cbr/\u003e6. Wide of news conference\u003cbr/\u003e7. Wide of Merentes thanking people for coming and news conference ending\u003cbr/\u003eThe Venezuelan government released more details on plans to introduce a new method of currency exchange on Tuesday, which it said would speed up the supply of US dollars to the Venezuelan economy but could cost businesses considerably more than the official exchange rate.\u003cbr/\u003eAt a news conference in Caracas, the Minister for Petroleum, Rafael Ramirez, said that the changes would also deal with the problem of shortages of some goods as companies would have easier access to foreign currency to place orders.\u003cbr/\u003eRamirez said that some sectors had complained about limited access to currency exchanges preventing them from even placing orders for goods.\u003cbr/\u003e\"They can't gain access to the manufacturer, they can't even process their order,\" he told journalists.\u003cbr/\u003eThe government now plans to auction dollars to private businesses that sell food, medicine and other basic goods to combat widespread shortages.\u003cbr/\u003eThe auctions starting next week will begin with bidding at the official exchange rate but could sell dollars for much more. \u003cbr/\u003eAuthorities have indicated that businesses that use the auction system won't directly receive the funds requested but will be authorised to use a credit card, which should be negotiated beforehand through a local bank.\u003cbr/\u003eThe process of paying off the credit card to external providers will only be done by the Central Bank.\u003cbr/\u003eRamirez said the use of these credit cards would enable businesses to get the order process started immediately.\u003cbr/\u003eCentral Bank President Nelson Jose Merentes said that the currency market was \"very speculative, and its obscure\" but that this new system has transparency.\u003cbr/\u003e\"You're going to have better results in the economic dynamic,\" said Merentes. \u003cbr/\u003eVenezuela has maintained strict currency controls since 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