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Venezuela devalues strongest official bolivar exchange by 37%

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 17, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    Venezuelan President Maduro has decided to devalue the strongest official bolivar exchange rate to 10 per dollar from 6.3, a 37%.

    As Reuters reports, Maduro also "turned a three-tier exchange rate system into a dual system as part of a package of measures meant to address the OPEC nation's economic crisis."

    "The SIMADI exchange rate, which is around 203 bolivars per dollar, will be turned into a floating rate, he added in a televised broadcast", Reuters adds.
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