Venezuela will move to a floating exchange rate for non-essential imports on Thursday and allow the state-owned oil company to sell dollars into the new market, said Miguel Perez Abad, vice president for the economy. The Dicom exchange rate will begin at 206 bolivars to the dollar and then “float” to meet market needs, Perez Abad told reporters Wednesday at the central bank. The primary exchange rate of 10 to the dollar will apply to essential imports, such as medicines. By allowing Petroleos de Venezuela SA, which accounts for more than 95 percent of the country’s exports, to sell dollars at the new exchange rate, the government will boost the liquidity of the system and lift revenue from oil sales in the local currency. In 2015, PDSVA’s implicit exchange rate was 66 bolivars to the dollar, according to a debt statement filed earlier this year. Many investors remain skeptical […]