End Times and Current Events
March 28, 2024, 06:58:55 pm
Welcome, Guest. Please login or register.

Login with username, password and session length
News: Welcome To End Times and Current Events.
 
  Home Help Search Gallery Staff List Login Register  

Venezuela devalues currency amid dollar shortage

Shoutbox
March 27, 2024, 12:55:24 pm Mark says: Shocked Shocked Shocked Shocked  When Hamas spokesman Abu Ubaida began a speech marking the 100th day of the war in Gaza, one confounding yet eye-opening proclamation escaped the headlines. Listing the motives for the Palestinian militant group's Oct. 7 massacre in Israel, he accused Jews of "bringing red cows" to the Holy Land.
December 31, 2022, 10:08:58 am NilsFor1611 says: blessings
August 08, 2018, 02:38:10 am suzytr says: Hello, any good churches in the Sacto, CA area, also looking in Reno NV, thanks in advance and God Bless you Smiley
January 29, 2018, 01:21:57 am Christian40 says: It will be interesting to see what happens this year Israel being 70 years as a modern nation may 14 2018
October 17, 2017, 01:25:20 am Christian40 says: It is good to type Mark is here again!  Smiley
October 16, 2017, 03:28:18 am Christian40 says: anyone else thinking that time is accelerating now? it seems im doing days in shorter time now is time being affected in some way?
September 24, 2017, 10:45:16 pm Psalm 51:17 says: The specific rule pertaining to the national anthem is found on pages A62-63 of the league rulebook. It states: “The National Anthem must be played prior to every NFL game, and all players must be on the sideline for the National Anthem. “During the National Anthem, players on the field and bench area should stand at attention, face the flag, hold helmets in their left hand, and refrain from talking. The home team should ensure that the American flag is in good condition. It should be pointed out to players and coaches that we continue to be judged by the public in this area of respect for the flag and our country. Failure to be on the field by the start of the National Anthem may result in discipline, such as fines, suspensions, and/or the forfeiture of draft choice(s) for violations of the above, including first offenses.”
September 20, 2017, 04:32:32 am Christian40 says: "The most popular Hepatitis B vaccine is nothing short of a witch’s brew including aluminum, formaldehyde, yeast, amino acids, and soy. Aluminum is a known neurotoxin that destroys cellular metabolism and function. Hundreds of studies link to the ravaging effects of aluminum. The other proteins and formaldehyde serve to activate the immune system and open up the blood-brain barrier. This is NOT a good thing."
http://www.naturalnews.com/2017-08-11-new-fda-approved-hepatitis-b-vaccine-found-to-increase-heart-attack-risk-by-700.html
September 19, 2017, 03:59:21 am Christian40 says: bbc international did a video about there street preaching they are good witnesses
September 14, 2017, 08:06:04 am Psalm 51:17 says: bro Mark Hunter on YT has some good, edifying stuff too.
View Shout History
Pages: [1]   Go Down
  Print  
Author Topic: Venezuela devalues currency amid dollar shortage  (Read 1386 times)
Psalm 51:17
Global Moderator
Hero Member
*****
Offline Offline

Posts: 28357


View Profile
« on: February 13, 2013, 09:40:22 pm »

http://news.yahoo.com/venezuela-devalues-currency-amid-dollar-shortage-171713200--finance.html

2/13/13

CARACAS, Venezuela (AP) — Venezuela devalued its currency on Wednesday amid questions about how the government can get a grip on 22-percent inflation and satisfy growing demand for dollars to pay for imported goods.
 
Some economists predict that the devaluation won't solve problems such as a dearth of dollars for imports and shortages of some staple foods.
 
The country's fifth devaluation in a decade established a new government-set rate of 6.30 bolivars to the dollar, replacing the previous rate of 4.30 bolivars. Venezuela also has a flourishing black market in which bolivars are being traded for more than three times the new official rate.
 
Economist Jose Guerra said he doubts that the Central Bank and government currency agency will be able to meet heavy demand for dollars, especially now that officials have eliminated a state-run bond trading system that had provided dollars at a second-tier rate.
 
Vice President Nicolas Maduro, who has taken on additional authority during the past two months while President Hugo Chavez has been away in Cuba for cancer treatment, has said the government has enough dollars from oil earnings to meet all the needs of the economy.
 
Maduro said on Wednesday that the government decided to carry out a "restructuring" of its currency exchange agency and will strengthen oversight of companies that receive dollars at the official exchange rate. He also said that government plans to crack down on price speculation by wholesalers in order to combat inflation.
 
Planning and Finance Minister Jorge Giordani has said that dollars allotted by the government will go toward "priority" goods, leading some economists to conclude that the government seems to be stiffening its currency exchange controls.
 
Venezuela's government has maintained strict currency controls since 2003. Under the controls, people and businesses must apply to the government currency agency to receive dollars at the government-set official rate to import goods, pay for travel or cover other obligations.
 
Giordani said at a news conference Wednesday that a new entity being created by the government, called the Superior Body for the Optimization of the Exchange System, will be in charge of overseeing the distribution of dollars for priority imports. The government typically has favored companies importing food, medicines and other basic goods.
 
Government officials haven't provided details about how they plan to meet the demands of importers and other businesses for dollars that used to be provided through the government-run bond market.
 
Sporadic shortages of some basic foods such as sugar, flour, cornmeal and cooking oil have worsened during the past few months while the government has been making available fewer dollars at the fixed exchange rate. Amid heavy demand for foreign currency, economists estimate the black market has recently been satisfying about 12 percent of the demand for dollars in the country.
 
Many Venezuelans have turned to buying cars, appliances and other goods to try to protect the value of their money as the country's inflation has eroded the value of their savings.
 
But Ronald Balza, an economics professor at Andres Bello Catholic University in Caracas, said he doesn't expect much of an additional buying boom by consumers after the devaluation because the measure had been widely expected for months and many Venezuelans had already been buying large numbers of appliances and electronic items since late last year to try to convert their bolivars into goods that would hold their value.
 
The devaluation should further drive up inflation, but the effect won't be immediate because the government allowed for some previously approved dollar transactions to be completed at the previous rate for imports of food, construction supplies and other goods, Balza said in a telephone interview.
 
Guerra also predicted that the devaluation is likely to push inflation to 25 percent this year, following 20 percent inflation during 2012.
 
Industry Minister Ricardo Menendez, however, said the devaluation shouldn't increase inflation. He said the government will step up inspections of businesses that receive dollars at the official rate to make sure they aren't engaging in price speculation. The government has announced similar measures after previous devaluations and also maintains price controls on many foods and other items.
Report Spam   Logged

Share on Facebook Share on Twitter

Mark
Administrator
Hero Member
*****
Offline Offline

Posts: 21786



View Profile
« Reply #1 on: February 13, 2013, 09:58:47 pm »

been seeing a lot about currency wars lately
Report Spam   Logged

What can you do for Jesus?  Learn what 1 person can accomplish.

The Man from George Street
http://www.youtube.com/watch?v=SkjMvPhLrn8
Mark
Administrator
Hero Member
*****
Offline Offline

Posts: 21786



View Profile
« Reply #2 on: February 13, 2013, 10:10:34 pm »

Currency Wars are Real—Yra Harris:What do I think is the most explosive event for gold? It is the day Draghi (President of the ECB) can no longer jawbone quantitative easing and when he actually has to step up to the plate.

http://usawatchdog.com/currency-wars-are-real-yra-harris/
Report Spam   Logged

What can you do for Jesus?  Learn what 1 person can accomplish.

The Man from George Street
http://www.youtube.com/watch?v=SkjMvPhLrn8
Psalm 51:17
Global Moderator
Hero Member
*****
Offline Offline

Posts: 28357


View Profile
« Reply #3 on: February 13, 2013, 10:23:59 pm »

been seeing a lot about currency wars lately

Not that I endorse any of the alternative media(whether it's Jones or whoever), but they said once "currency wars" start becoming buzzwords in the MSM, then watch out.
Report Spam   Logged
Kilika
Guest
« Reply #4 on: February 14, 2013, 05:23:40 am »

Well, it's not unexpected for sure. How else would they be able to offer up a new way of doing things if the current situation were stable? They must create an unstable environment so that people will get worried and start looking for help in making it better. Then "they" just step in and, "Boy have we got a deal for you!".

I firmly believe that the evil world does in deed use the "Problem, Reaction, Solution" tactic, knowing that the world seeks a savior for all their troubles. Their downfall is they are looking for help in the wrong places. You won't succeed in a system that is inherently corrupt.
Report Spam   Logged
Pages: [1]   Go Up
  Print  
 
Jump to:  

Powered by EzPortal
Bookmark this site! | Upgrade This Forum
Free SMF Hosting - Create your own Forum

Powered by SMF | SMF © 2016, Simple Machines
Privacy Policy