Posted on 01/08/2010 5:08:18 PM PST by NormsRevenge
CARACAS, Venezuela – Venezuelan President Hugo Chavez on Friday announced a currency devaluation for the first time since 2005.
Chavez said Venezuela's currency, the bolivar, will now have two government-set rates depending on the use, either 2.60 to the dollar for transactions deemed priorities by the government or 4.30 to the dollar for other transactions.
The devaluation dropped the currency's value by 17 percent or 50 percent, depending on the tier.
The currency's official exchange rate has been held steady by the government at 2.15 bolivars to the dollar since 2005.
(Excerpt) Read more at news.yahoo.com ...
Socialism getting too expensive eh? Idiot.
Zimbabwe here we come.
Argentina’s president fires central bank chief over foreign reserves
http://www.latimes.com/news/nation-and-world/la-fg-argentina-bank8-2010jan08,0,2744612.story
Without reading the article, which currency, the dollar or the bolivar?
VeneZimbabwe!!!
America is following their lead it seems
Socialism always succeeds...at failure.
I wonder how he intends to enforce this double tiered exchange rate. It is things like this that drive an economy into the ground at high speed.
The fourth line down in this post indicates it’s the bolivar. Too much reading for you?
Viva la Socia... aw crap!
Take you sulfer and stick it, you turd!
you = your
Let’s get a pool going here. I predict that Chavez will be ousted from power in a violent overthrow on Monday October 11, 2009 in evening.
Yup, his reckless spending, socialist expansionist policies will certainly squelch his revenue. Who’s going to pay for his government? Printing more money is not the answer.
When are people going to learn? Don’t do business with Venezuela..
It certainly won’t be October 11, 2009...
Check the dollar exchange rates against some of the Tier II currencies. The UD$ devaluation is already under way.
Venezuelan President Hugo Chavez speaks during a meeting with ministers at Miraflores Palace in Caracas January 8, 2010. The United States on Friday denied President Hugo Chavez's assertion a U.S. military plane twice violated Venezuelan airspace earlier in the day. REUTERS/Miraflores Palace/Handout
ping
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