Saturday, February 9, 2013

Venezuela Announces Currency Devaluation

From the Associated Press:

It was the first devaluation to be announced by Chavez's government since 2010, and it pushed up the price of the dollar against the bolivar by 46.5 percent.
By boosting the bolivar value of Venezuela's dollar-denominated oil sales, the change is expected to help ease a difficult budget outlook for the government, which has turned increasingly to borrowing to meet its spending obligations.
But analysts said the move would not be sufficient to end the government's budget woes or balance the exchange rate with an overvalued currency. Economists predicted higher inflation and a likely continuation of shortages of some staple foods, such as cornmeal, chicken and sugar.

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