http://www.bloomberg.com/news/2013-1...-reserves.html
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Venezuela devalued its currency for foreign tourists by 44 percent today after the bolivar slumped to a record low on the black market. People visiting the South American country can buy bolivars at 11.3 to the U.S. dollar compared with the 6.3 official rate for most other transactions, the central bank said in a statement posted today on its website. Oil investments will also use the new exchange rate that is set at weekly currency auctions that resumed in October, Economy Vice President Rafael Ramirez said Dec. 16. The auction rate hadnt been disclosed until today. Venezuela, which devalued the bolivar 32 percent in February to 6.3, has been unable to arrest the decline of its currency on the black market, where companies and individuals pay as much as 64 bolivars per dollar. President Nicolas Maduro re-started the parallel foreign currency auctions, known as Sicad, two months ago to reduce product shortages of imported goods before Christmas. |