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08 February 2013
VENEZUELA : 09 Feb UPDATE: Caracas Finally Devalues Bolivar...By 32%.
The bolivar's devaluation has been expected for months...but President Chavez's renewed cancer challenge delayed it...until Friday.
For the 5th time...in 9 years...Caracas finally weakened its exchange rate...this time...by 32%...to 6.3 bolivares per usd.
It had been 4.3 per usd.
Officials say President Chavez ordered the adjustment from La Habana.
The devaluation will help lower the nation's budget deficit...greatly increased during a presidential pre-election spending splurge.
Observers say it will give Caracas $13.4 billion more in revenue from oil sales...and could reduce the deficit by 50%.
Some experts expect more adjustments.
On the black market...the website Lechuga Verde reports the bolivar dropped to 19.53 per usd.