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


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