Venezuelan Bolivar Demand Plummets As Bond Demand Soars.

BLOOMBERG/
Venezuela’s "strong bolivar" weakened in the unregulated parallel market after President Hugo Chavez said demand for a government dollar bond sale in the local market was MORE than SIX TIMES the $3 billion offered.
The bolivar fell 1.9 percent to 5.66 per dollar, according to traders. Chavez said that the government received orders worth $19.5 billion from investors, who buy the bonds with bolivars and re-sell them in international markets to circumvent currency controls and obtain dollars. The amount of bids sparked concern that investors who are shut out of the offering may turn to the parallel market to buy dollars.