Venezuelan Government Devalues Currency

Did Vice President Ramirez fail to seek necessary guidance from Chavez’ ghost, or did a little bird, chirping on behalf of el Thugo, tell him what to do?

The Devil's Excrement

Billetes

After promisiing that it would not devalue, the Venezuelan Government not only implemented a devaluation equivalent to a 22.2% devaluation, but also established a fairly restrictive foreign currency budget, doubling Sicad auctions to US$ 220 million per week and reducing the travel and remittance quotas that individuals had access to. While promising to honor debt obligation in the form of bonds issued by Pdvsa and the Republic, the Government simply said it had no foreign currency to pay the US$ 8.4 billion debt between CADIVI and the private sector from imports made in 2013, which if true will have a drastic impact on local companies.

The announcements were made by the Vice President for Economic Affairs Rafael Ramirez, who said that there will be a budget for foreign currency of US$ 42.7 billion in 2014 (Imports in 2012 were US$ 75 billion and 2013 should be above US$ 65 billion)…

View original post 563 more words

Advertisements

About danmillerinpanama

I was graduated from Yale University in 1963 with a B.A. in economics and from the University of Virginia School of law, where I was the notes editor of the Virginia Law Review in 1966. Following four years of active duty with the Army JAG Corps, with two tours in Korea, I entered private practice in Washington, D.C. specializing in communications law. I retired in 1996 to sail with my wife, Jeanie, on our sailboat Namaste to and in the Caribbean. In 2002, we settled in the Republic of Panama and live in a very rural area up in the mountains. I have contributed to Pajamas Media and Pajamas Tatler. In addition to my own blog, Dan Miller in Panama, I an an editor of Warsclerotic and contribute to China Daily Mail when I have something to write about North Korea.
This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s