Venezuela attempts to address foreign currency crisis

Oil Minister Rafael Ramirez says Venezuelans travelling abroad will have to pay a higher foreign exchange rate, determined by weekly currency auctions, and will no longer be allowed to obtain foreign exchange at the official rate of 6.3 bolivars per US dollar. The official rate will be used only for essential goods, such as medicine, industrial supplies and food. Ramirez planned to unveil further details of the new multi-tier currency system at a later date.