Posted by: youngragingbull | February 9, 2013

Venezuela devalues its currency

Venezuela devalued its currency, the bolivar, the country’s Finance Minister Jorge Giordani said Friday.

President Hugo Chavez ordered the move from Cuba, the minister said, where he is recovering from a fourth surgery to treat an unspecified cancer.

Venezuela pegged the official bolivar/dollar rate to 6.3 bolivars per U.S. dollar, from 4.3 bolivars per U.S. dollar, according to media reports.

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