Venezuela allowed private banks and foreign exchange houses to sell dollars at a single, fluctuating rate as part of measures to ease currency controls that have been in place since 2003, Bloomberg News and Reuters reported.
The government will create a new platform to determine the exchange rate, Bloomberg said.
Previously, dollars could only be legally purchased from the Banco Central De Venezuela to regulate the sale of hard currency. The government currently sells a dollar for 62 Venezuelan bolivars, while the U.S. currency trades for around 90 bolivars in the black market, according to Reuters.
The measures also give the Venezuelan central bank control over the cash generated from state-owned companies, including Petróleos de Venezuela SA. The move follows the removal of five zeroes from the bolivar amid an overhaul to curb the country's hyperinflation.