Venezuela announces yet another concealed devaluation, effective Wednesday

Tuesday, February 10th 2015 - 23:58 UTC

Full article 6 comments

Venezuela's vice president for economic policy announced Tuesday that the government will inaugurate this week a three-tiered exchange-rate regime which includes a “totally free” market open to both individuals and companies. Read full article

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Briton
For a supposed oil rich nation, they are doing wonderfully well..lolol
Feb 11th, 2015 - 12:11 am - Link - Report abuse 0
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Skip
Honestly it's hard to use any word other than idiots when it comes to Venezuela.
Feb 11th, 2015 - 01:38 am - Link - Report abuse 0
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ilsen
Unbelievably sad that a country with the potential to be one of the best is destroyed from within.
Feb 11th, 2015 - 07:34 am - Link - Report abuse 0
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zathras
Elephant in the room time...

Why does the economic model of these Latin Countries, Require multiple exchange rates?

I guess because their economic model doesn't actually work.

This quote tells it all...
“Officials have tinkered with the currency regime over the years to address periodic foreign-exchange shortages that have forced individual firms and even entire economic sectors to sharply curtail their operations.”

Seriously they Badly damage the wealth producing sectors, then blame everyone else but themselves.
Feb 11th, 2015 - 08:40 am - Link - Report abuse 0
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Kirk Nelson
Venezuela is among the handfull coutries in the world that its currency is utilized in three different rates of exchange.
To stop Venezeuela its extra hight rate of inflation and to eliminate the local volatile corrupt black market operations, it will be practical to control and easier way for financial internal and exterior reporting purposes, given access to the Central Bank better opportunity to control its Fiscal Monetary Policies. if Venezuela adopts the “Dolarization” system.
Venezuelans are emotional and economical deep suffering on daily basis, because the current Government is unable to forsee and forecast better and secure future for its citizens.
Proud never takes one far, but humility associated with wisdom both travels universal distances where the horizon is ample and smile faces are seeing as signal of peace and gratification.

Kirk Nelson,
New York, USA
Feb 11th, 2015 - 07:10 pm - Link - Report abuse 0
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ilsen
I give it 3 months, for the new oil-price to kick in, then we will see chaos as the Bolivarian Revolution unravels and the internecine fighting truly starts within the ruling elite.

Sadly the general populace will suffer like they have never known as the shortages and violence dramatically increases.

dark days ahead...
Feb 12th, 2015 - 01:18 am - Link - Report abuse 0
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