The Venezuelan authorities have fleshed out the details of the new exchange rate regime in the country, but economists remain sceptical about the impact it will have, predicting an immediate devaluation.

Venezuela operates with three exchange rates. Each has, in the past, been set by the authorities, but they now plan to let one of the rates float freely. The new rate, called the Marginal Foreign Exchange System, will allow people and companies to freely buy and sell dollars, and it is "the