Venezuela announces currency devaluation
OPS_admin | Jan 11, 2010 | Comments 0
Venezuelan President Hugo Chavez has announced a currency devaluation and the introduction of a two-tiered official exchange rate as his government aims to boost a sagging economy.
The official exchange rate of 2.15 bolivars to the dollar, in effect since 2005, will be replaced beginning Monday with a dual-rate regime.
Importers of essential items such as food, medicine and heavy machinery will be able to buy dollars at a rate of 2.60 bolivars to the greenback.
The school supply and science and technology sectors, as well as public sector imports and remittances, also will be favoured by that rate, which will represent a 17 percent devaluation.
But a higher rate of 4.30 bolivars to the dollar will apply to most of the economy, including the automobile, chemicals, rubber and plastics, appliances, textile, electronics, tobacco, beverages and telecommunications sectors.
“Non-essential imports are going to get more expensive,” especially vehicles and shoes, Chavez said in a cabinet meeting Friday that was partially televised by state-run VTV television.
Full Story Venezuela announces currency devaluation.
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If we don't change our ways soon...
A new report by the Royal Society, chaired by Nobel prize-winning biologist Sir John Sulston warns that world population must be stabilized and consumption in wealthy nations must be reduced or the entire planet is in big trouble. As the report reads: "The number of people living on the planet has never been higher, their levels of consumption are unprecedented and vast changes are taking place in the environment. We can choose to rebalance the use of resources to a more egalitarian pattern of consumption... or we can choose to do nothing and to drift into a downward spiral of economic and environmental ills leading to a more unequal and inhospitable future."This is the same warning that President Jimmy Carter gave Americans back in the 1970's - but it was ignored when Ronald Reagan came to power with a "more positive" message basically telling Americans we can do whatever we want. And then after 9/11 - Bush told us all we should go shopping and consume ever more.And now with corporations calling the shots in Washington - long-term sustainability of the planet takes a back seat to short-term profits. If we don't change our ways soon - and embrace clean, alternative energy and educate women around the plant - then we all could be headed for a rough century.-Thom(Is there any chance we will learn in time? Tell us here.) -
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