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Venezuela to Tax Hard-Currency Transactions between Private Bank Clients

RIO DE JANEIRO, BRAZIL - Venezuela said on Wednesday, November 25th, it will tax hard-currency transactions between clients of the same bank, an effort by President Nicolas Maduro’s government to boost tax revenue amid a broader economic liberalization.

Years of hyperinflation have led to a vast increase in dollar transactions in the country, but the majority continue to be cash operations because U.S. sanctions have left Venezuela cut off from the international financial system.

Since last year, banks have been saving cash dollars in vaults and allowing for transactions between clients of the same institution, a service limited . . .

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