“Venezuela devalued its bolivar currency on Friday by 32 percent in a widely expected move that will shore up government finances after ailing President Hugo Chavez’s blowout election-year spending in 2012 but will also spur galloping inflation.  The move slashes the official bolivar exchange rate to 6.3 per dollar from 4.3 under currency controls Chavez created in 2003 that require importers and travelers to apply for hard currency through a state agency.  Dollars on the illegal black market had for weeks been fetching nearly four times the official exchange, which economists cited as a sign an exchange rate adjustment was imminent.”

http://www.reuters.com/article/2013/02/08/venezuela-currency-devaluation-idUSL1N0B8BWZ20130208

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