FINANCE Minister Rodolfo Marco launched a new foreign exchange platform on Tuesday that will devalue the bolivar heavily while bolstering state coffers amid tumbling oil revenues.

The new platform, called Marginal Currency System or Simadi, is the third system in a three-tier exchange control mechanism and will allow for legal trading of foreign currency based on supply and demand, said Mr Marco.

“This third mechanism is open and free, in which bidders and buyers exchange offers,” he said during a press conference with central bank president Nelson Merentes.

The currency controls have been providing US dollars at

three different rates — 6.3 bolivars (VEF) for food and medicine and two complementary rates of around 12 VEF and 52 VEF for other goods through systems known as Sicad I and Sicad II.

However, US dollars fetch nearly 190 VEF on the black market.

Equities speculators face billions of dollars in write-downs by US corporations with exposure to Venezuela, since many have been unable to exchange bolivars into dollars due to delays in the currency controls.

At least 40 US transnational corporations carry $11 billion (£7bn) of bolivar assets in total on their books, concentrated among 10 companies that have disclosed about $7.3bn (£4.8bn) in assets linked to the country’s currency system.

Other foreign companies with notable exposure to Venezuela include Spain’s Telefonica and German pharmaceutical company Bayer.

Some companies have already taken charges on their Venezuela exposure, including Ford, Kleenex-maker Kimberly-Clark and oilfield services firm Schlumberger.

General Motors announced last week that instability in Venezuela could lead to a $900 million (£590m) loss.