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Venezuela devalues currency
by 46.5%; VEB at 6.30 per
US dollar

El Universal [Caracas, Venezuela], by Staff

Original Article

Posted By:PageTurner, 2/8/2013 4:20:17 PM

Venezuelan Minister of Planning and Finance Jorge Giordani announced on Friday an adjustment in the official exchange rate, from VEB 4.30 per US dollar to VEB 6.30 per US dollar, which implies 46.5% devaluation. The increase in the exchange rate will help improve public accounts, which ended 2012 with a fiscal deficit of 16% of gross domestic product. The move will be a breath of fresh air for state-run oil firm Petróleos de Venezuela (Pdvsa), as the company will get more bolivars per US dollar sold to the Central Bank of Venezuela (BCV).

Comments:
The best reporting so far on this. Hugo would like every Venezuelan to open a dollar account for him. Think he can be trusted not to steal it?

      


Post Reply  

Reply 1 - Posted by: Iowadad, 2/8/2013 4:38:47 PM     (No. 9166230)

The boliva is still a currency? Who knew?

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Reply 2 - Posted by: hoosierblue, 2/8/2013 5:14:46 PM     (No. 9166278)

So what is the difference between that and what the FED has been doing to us for the last several years>?

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Reply 3 - Posted by: Blackeagle, 2/8/2013 5:38:41 PM     (No. 9166313)

Supposedly the (black) market rate is closer to 18 ´Hugos´ to the $.

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Reply 4 - Posted by: Pearson365, 2/8/2013 6:07:50 PM     (No. 9166344)

Deval will make it more difficult to pay for the ongoing medical care of long dead Hugo Chavez.

If our version suffers the same fate as the equally leftist Hugo, will we be told that Obama has died? Or, will the Mooch continue her expensive vacations while Val Jarrett continues to run country? Jay Carney, as press sec, will vigorously deny rumor as another GOP plot to undermine recovery.

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