Venezuela announced a devaluation of 50% of its currency

February 8, 2013  |   Filed under: Billboard  |   Posted by:

Venezuela, February 8, 2013

While Hugo Chavez continues his recovery from Cuba, according to the Vice President Nicolás Maduro, the Venezuelan government announced a devaluation of almost 50% of the value of its currency against the dollar. The U.S. currency, with the devaluation, costs now 6.3 bolivars.

The announcement was made by Minister of Planning of Venezuela, Jorge Giordani, with President of the Venezuelan Central Bank, Nelson Merentes.

Thus, the official dollar, which cost 4.30, now reached 6.30. This means a devaluation of 46.5%.

As in Argentina in recent times, in Venezuela there are strong exchange controls since 2003. Citizens must require to the state through several agencies to access to foreign currencies, acced that may be authorized according to the data presented.

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