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Friday, President Hugo Chávez announced a sharp devaluation of Venezuela's currency, bolivar, in order to revitalize oil production in the country, whose economy is governed to a large extent by the commodity's export, said media reports. The country is currently facing financial distress as the global slump drove down both oil prices and output.
Chavez noted that the bolivar will now exchange at dual rates, 2.60 per dollar for for essential imports like food and health, and 4.30 per dollar for other transactions, including imports.
Venezuela had last devalued its currency in 2005, to 2,150 bolivars to the dollar from 1,920 bolivars.
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