Venezuela to devalue its currency » financialsurfer.com

Venezuela to devalue its currency

January 9th, 2010 | Category: Economy
Venezuela’s President Hugo Chavez has announced that the national currency, the bolivar, will be devalued for the first time since 2005 by at least 17%. The bolivar, whose rate is set by government decree, will be devalued from its current rate of 2.15 to the US dollar to 2.60 for “priority” imports. However, the bolivar will be worth 4.30 to the dollar, a 50% devaluation, for items considered non-essential. Mr Chavez was under pressure to devalue to …

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