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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