CARACAS, Venezuela (AP) — Venezuela's government will introduce a new exchange rate for foreign visitors as it tries to avoid a devaluation.

The official gazette said Thursday that foreigners visiting Venezuela will be able to sell as much as $10,000 a year at a rate to be set by the central bank. The tourist rate will also apply to foreign-issued credit cards.

Venezuela last devalued its currency by 32 percent in February. The bolivar now trades at 6.3 per dollar, but the U.S. currency is trading at more than seven times that on the black market.

Economists say a devaluation is overdue, but believe any major changes will be delayed until after December municipal elections.

President Nicolas Maduro has vowed to revamp Venezuela's multi-tiered currency system without scrapping restrictions on dollar purchases.

 

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