“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
Did you like this?
Tip Freedomwat.ch Staff with Bitcoin
Tip Freedomwat.ch Staff with Bitcoin
Related posts:
New phone app would let you snitch on illegal parkers, get a cut of the fine
Fidel Castro denies Cuba refused Edward Snowden asylum
Federal appeals court rejects Texas, Wyoming challenge to EPA 'greenhouse gas' regulations
Scotland Yard investigates Diana slay plot as book details conspiracy
Collapse of New Bridge Underscores China’s Infrastructure Concerns
Inflation, Shortages And Economic Turmoil: Venezuela On The Brink
Peter Schiff Takes On Credit Suisse Gold Bear
McGruff, The Crime Dog, Sentenced To 16 Years For Pot, Weapons
N.J. politician pushes for law requiring pets buckle up on car rides
Hospital doctors join thousands protesting Greece’s austerity layoffs
ACLU challenges constitutionality of NSA phone surveillance program
Ecuador breaks US trade pact to thwart 'blackmail' over Snowden asylum
Western Companies Look to Iran Opening for New Business
Government claims small gold miners won't be affected by mercury ban
Lebanon’s financial sector prepares to open books to Uncle Sam