Venezuela devalues currency | News | Al Jazeera

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

    Interactive: Coding like a girl

    Interactive: Coding like a girl

    What obstacles do young women in technology have to overcome to achieve their dreams? Play this retro game to find out.

    America's Guns: Secret Pipeline to Syria

    America's Guns: Secret Pipeline to Syria

    How has the international arms trade exacerbated conflict in the Middle East? People and Power investigates.

    I remember the day … I designed the Nigerian flag

    I remember the day … I designed the Nigerian flag

    In 1959, a year before Nigeria's independence, a 23-year-old student helped colour the country's identity.