21st century Socialism, Chavez to downgrade Bolivar currency
Post date: Jan 10, 2010 12:30:45 PM
Shoppers in Venezuela buy TVs, Refrigerators
Devaluación afectará poder de compra del venezolano
En este caso, el tipo de cambio pasó de 2,15 bolívares fuertes a
4,30 bolívares fuertes por dólar, lo que significó un ajuste de 100%. source: eluniversal.com
21st century Socialism 2 exchange rates:
Venezuela's Inflation 25%, the highest in the Americas
New exchange rate: $1 = 4.6 Bolivars, buying power 50% down
was $1= 2.15 Bolivars (1USD=2.15VEB)
Exemption:
Food, Medication, industrila machines keep old exchange rate 2.6 Bolivars
dual-rate foreign exchange system
Venezuela's sales of oil, which are denominated in dollars, now account for more
than 90% of exports. So total exports can hardly be expected to rise as a result of the devaluation.
The extra money will allow Chavez to restore spending on social programs
The government, of course, is assured of immediately getting the VEF4.3 rate, which means that
starting Monday the tens of millions of dollars oil-rich Venezuela earns on a daily basis from its
petroleum sales - mostly to the U.S. - will be worth double when converted into bolivars.
source: online.wsj.com
Updated at 23:01 GMT, Sunday, 10 January 2010
Chavez warns price 'speculators'
Venezuela's President Chavez says troops will seize control of any
business raising prices after the country's currency was devalued.
source: news.bbc.co.uk