Wednesday , January 27 2021

What is Interbanex and how does it work?

January 28, 2019 1:30 pm
Updated January 28, 2019, 13:49

Venezuelan central bank (BCV) has resolved on January 26 to operate a new electronic platform called Interbanex, which will serve as a currency exchange system in the country and which began operating on Monday at an exchange rate of 3,200 Bolivaras.

Interbanex is a private company with a website where citizens need to register and create a user with the bank accounts they will manage. The purpose of the platform is to exchange authorized currencies at an exchange rate determined by bidders and claimants.

According to information posted on Interbanex's Twitter account, within 15 days, this system can be used for all private financial institutions in Venezuela.

"Transferring the currencies will be the responsibility of each bank, and consumers must carry out their operations with the financial institution that provides the best service to their needs," said Interbnex via Twitter.

Interbanex will provide the technology and will be a digital bridge between consumers and financial firms for acquiring and transferring foreign currencies to have a 'free exchange system'.

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