Venezuela announces currency devaluation [View all]
Source: AP
CARACAS, Venezuela (AP) — Venezuela's government announced Friday that is devaluing the country's currency, a change expected to push up prices in the heavily import-reliant economy.
Officials said the fixed exchange rate is changing from 4.30 bolivars to the dollar to 6.30 bolivars to the dollar.
The devaluation had been widely expected by analysts in recent months. It was the first devaluation to be announced by President Hugo Chavez's government since 2010.
Planning and Finance Minister Jorge Giordani said the new rate takes effect immediately, though the old rate would still be allowed for some transactions that already were approved by the state currency agency.
Read more: http://bigstory.ap.org/article/venezuela-announces-currency-devaluation
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