Venezuela devalues currency
Devaluation and setting of double exchange rate is attempt to improve export levels.
Published On 9 Jan 2010
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: News Agencies