Anger as Chavez devalues bolivar

Published: 2010/01/11 06:38:15 AM


 PRESIDENT Hugo Chavez’s decision to devalue Venezuela’s currency for the first time in nearly five years aims to stretch oil earnings further and counter a recession by increasing government spending.

 The devaluation of the bolivar lessens a wide gap with the black- market exchange rate for dollars and will unavoidably push inflation — already the highest in Latin America at 25% — to even higher levels

Read more: Business Day


January 11, 2010 - Posted by | Uncategorized | , ,

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