CARACAS, Venezuela — Venezuelan officials on Tuesday announced details of what they said would be a free market in which people and businesses could exchange local currency for dollars — an easing of the tightly controlled exchange rates that critics say have fed the nation’s economic crisis.
The change could mean a significant devaluation of the currency, the bolivar, although the extent of any devaluation depends on the amount of dollars the government allows to pass through the free market exchange.
Officials made clear, however, that most foreign currency would not go through the new exchange.
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The changes could affect American businesses, which could be forced to write down millions of dollars in assets that they hold in Venezuela, which could now be worth much less in relation to the dollar.
Patricia Torres contributed reporting.
