Sunday, January 10, 2010

Chavez Devalues Bolivar 50%, First Time Since 2005 (Update1)

http://www.bloomberg.com/apps/news?pid=20601087&sid=axRgXYrMdWoA&pos=7

Chavez said the bolivar will be devalued to 4.3 per dollar from 2.15 per dollar for most imports. A second, subsidized peg of 2.60 bolivars per dollar will be used for importing food, medicine and machinery intended to boost the economy’s competitiveness.

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