Venezuelan government to enforce currency exchange regulations at Colombian border

Foreign Trade and International Investment Minister Jesús Faría announced on 8 November 2016 that the Venezuelan government will soon enforce currency exchange regulations at the border with Colombia. According to Faría, the exchange of Venezuelan bolívares for U.S. dollars at the Colombian border city Cúcuta contributes to inflation in Venezuela's foreign exchange rate system (La Patilla). Faría stated Colombian authorities have not addressed currency speculation, which has destabilized the economy and driven down the value of the black market bolívar (El Nacional).