Venezuela devalues currency

Devaluation and setting of double exchange rate is attempt to improve export levels.

    Chavez annonuced the move which is the first devaluation of the bolivar in five years [AFP]

    The government-set rates are an attempt to keep the cost of priority imports low in the face of an inflation rate of 25 per cent - the highest in Latin America.

    The 2.5 rate will be used for those priority imports - including food, machinery, health care items, supplies for schools and products for economic development - while the second rate will be used for other transactions.

    Venezuela's economy is currently in recession.

    SOURCE: Agencies


    YOU MIGHT ALSO LIKE

    Double standards: 'Why aren't we all with Somalia?'

    Double standards: 'Why aren't we all with Somalia?'

    More than 300 people died in Somalia but some are asking why there was less news coverage and sympathy on social media.

    The life and death of Salman Rushdie, gentleman author

    The life and death of Salman Rushdie, gentleman author

    The man we call 'Salman Rushdie' today is not the brilliant author of the Satanic Verses, but a Picassoesque imposter.

    The Beirut Spy: Shula Cohen

    The Beirut Spy: Shula Cohen

    The story of Shula Cohen, aka The Pearl, who spied for the Israelis in Lebanon for 14 years.