Venezuela moves to stop U.S. dollar sale

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Venezuela's currency commission, or Cadivi, is taking steps to prevent exporters from selling U.S. dollars gained from overseas sales on the black market.

Cadivi announced late Thursday that exporters must report their hard currency sales to the central bank, then exchange their U.S. dollars, or other foreign currencies, for the equivalent in Venezuelan bolivars.

The policy takes effect immediately, Cadivi said.

Before the rule change, exporters could sell their products and exchange the foreign currency on the black market before reporting the proceeds to the government, allowing them to skirt Venezuela's stringent capital controls.

Venezuela's official exchange rate stands at 2,150 bolivars to the U.S. dollar, but on the black market a dollar has been fetching as much as 2,700 bolivars.

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Globovision will be having an all out hissy fit going 24/7.