Chavez explained the devaluation of the bolivar latent revaluation
By admin at 22 January, 2010, 8:11 pm
devaluation of the bolivar, occurred in early January 2010, actually led to a revaluation of the national currency of Venezuela.
This statement was made that country"s President Hugo Chavez, reports Reuters.
Chavez explained that devalued were two courses - on the import of essential goods (in this case, the dollar is equal to 2,6 Bolivar) and the import of other goods (4.3 bolivar to the dollar). In this third course - semi-legal variable, which is used, inter alia, on the black market - not only did not fall, but began to strengthen.
If a few days ago the dollar was estimated by traders at 6.4 bolivar, the January 15 - already in 5,7 Bolivar. This may be due to the fact that the Venezuelan government has sold bonds for $ 50 million, which filled the market dollar securities and reduced the demand for U.S. currency.
According to Bloomberg, Bolivar traded slightly cheaper - around 5,87 bolivar to the dollar. At the same time Chavez argues that the Government intends to bring the course to the "parallel market" to 4,3 bolivar to the dollar by selling the U.S. currency on the local market.
One of the main problems of the economy of Venezuela, one of the major oil exporters in South America, is inflation. In 2009, consumer prices have risen, according to Bloomberg, 27 percent.
devaluation of the bolivar could lead to an additional surge in inflation. Venezuela has already begun a consumption boom, and the authorities began to close stores if they raise prices on goods.
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