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Devaluation here

2/1/2010

We do hope you haven’t gambled your economic future on the Venezuelan currency. The other week, Venezuela’s controversial president, Hugo Chávez decided to depreciate the value of (devalue) the Bolivar by 50 percent.

In relation to the Swedish Crown, one Bolivar is now worth approx SEK 1.60.  That is the official rate, but within the country, faith in the currency is weak and black-market exchanging occurs, where the rate is more than halved again when exchanged against the US dollar.  


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