Excerpt from: GFT Analysts in the News
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| October 13, 2006 | | Bolivar to remain the same through 2007 | Venezuelan President Hugo Chavez insists that economic indicators in his country are good, and that he will not devalue the currency, the bolivar, on the currency market. Right now the currency is a fixed currency, set at 2,150 bolivars per U.S. dollar. Business week reports:
President Hugo Chavez ruled out a currency devaluation Wednesday as he painted a rosy outlook for Venezuela's economy.
He said there was no reason to devalue the Venezuelan currency, the
bolivar, because of strong growth in the economy and other healthy
indicators.
"There are those going around speculating that we are going to devalue
the currency -- no, not all," Chavez said in a televised speech.Chavez imposed strict currency controls in 2003 to try and halt capital
flight amid political turmoil caused by an opposition-led strike.
The exchange rate is fixed at 2,150 bolivars per dollar, and Chavez
said Wednesday that would remain "identical" throughout 2007. | Topic Tags: bolivar, currency devaluation, currency market, economic indicators, fixed currencies, Hugo Chavez, Latin American currencies, Venezuela | |
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