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BUSINESS
March 24, 1989 | From Financial Times
The sharp devaluation of the Venezuelan bolivar decreed last week by the government of President Carlos Andres Perez is sending shock waves through the economy, which relies heavily on imports. Prices for many goods and services are rising steeply, and the economy will most likely suffer a substantial contraction this year, after registering a 4.2% increase in gross domestic product in 1988.
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NEWS
February 14, 2002 | From Associated Press
The national currency plunged against the U.S. dollar Wednesday after President Hugo Chavez abandoned exchange rate controls to try to stem capital flight and restore investor confidence in Venezuela's ailing economy. The bolivar fell 24%, closing at 980.50 to the dollar, compared with 792.50 on Friday, the last trading day. Economists have said the bolivar was overvalued by as much as 30%.
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BUSINESS
December 12, 1995 | Times Staff and Wire Reports
Venezuela Devalues Currency by 41.4%: A large devaluation had been expected as part of negotiations with the International Monetary Fund to secure an estimated $7.5-billion loan package. Government officials said the bolivar will be reduced to 290 per dollar, from the 170 per dollar the government imposed in June 1994. It was unclear whether the devaluation would take effect immediately or after the measures were published in the official gazette.
BUSINESS
December 12, 1995 | Times Staff and Wire Reports
Venezuela Devalues Currency by 41.4%: A large devaluation had been expected as part of negotiations with the International Monetary Fund to secure an estimated $7.5-billion loan package. Government officials said the bolivar will be reduced to 290 per dollar, from the 170 per dollar the government imposed in June 1994. It was unclear whether the devaluation would take effect immediately or after the measures were published in the official gazette.
NEWS
February 14, 2002 | From Associated Press
The national currency plunged against the U.S. dollar Wednesday after President Hugo Chavez abandoned exchange rate controls to try to stem capital flight and restore investor confidence in Venezuela's ailing economy. The bolivar fell 24%, closing at 980.50 to the dollar, compared with 792.50 on Friday, the last trading day. Economists have said the bolivar was overvalued by as much as 30%.
BUSINESS
January 9, 2010
Venezuelan currency is devalued Venezuelan President Hugo Chavez announced a currency devaluation as the nation struggles with recession and 25% inflation, the highest in Latin America. Chavez said Venezuela's currency, the bolivar, will now have two government-set rates depending on the use, either 2.60 to the U.S. dollar for transactions deemed priorities by the government or 4.30 to the dollar for other transactions. The currency's official exchange rate had been held steady by the government at 2.15 bolivars to the dollar since the last devaluation in 2005.
BUSINESS
August 21, 1998 | CHRIS KRAUL, TIMES STAFF WRITER
The question is no longer whether there will be a sharp devaluation in Venezuela, but when, according to Wall Street analysts, a prospect that sent markets plunging across Latin America on Thursday. Though the country's economy is only Latin America's sixth-largest, Venezuela's importance as an oil exporter and its recent popularity among foreign investors makes its troubles a concern for the rest of the hemisphere. Even though Venezuelan officials said they would defend the currency against a "maxi-devaluation" and ruled out other measures such as a currency board, the growing consensus that Venezuela's currency is due for a trim caused stocks in Caracas to plunge 9.4% to 3465.
WORLD
January 14, 2009 | Chris Kraul
Despite the prospect of economic hard times as oil revenue plunges, Venezuelan President Hugo Chavez is preparing to go before voters with a plea that they've rejected once before: End term limits that block him from staying in power indefinitely. The National Electoral Commission is expected this week to set a Feb. 15 date for a referendum seeking approval of a measure that would allow Chavez and all other elected officials to run for reelection an unlimited number of times.
WORLD
February 18, 2013 | By Mery Mogollon and Chris Kraul
CARACAS, Venezuela -- President Hugo Chavez's return to Venezuela after a 10-week absence while undergoing cancer treatment in Cuba answered questions about whether he was still alive and has gratified his supporters. But it may only add to pressure that an election be called to choose a successor. Among the political factors at work, analysts said Monday, is the 46% devaluation of Venezuela's currency ordered this month by Chavez's designated political heir, Vice President Nicolas Maduro.
WORLD
February 18, 2013 | By Chris Kraul and Mery Mogollon, Los Angeles Times
CARACAS, Venezuela - President Hugo Chavez's return to Venezuela after cancer treatment in Cuba answered questions about whether he was still alive and triggered impassioned rallies among his supporters. But continued concern for his health and decisions made during his 10-week absence may only increase pressure for new elections to choose a successor. Among the political factors at work, analysts said Monday, is the 46% devaluation of Venezuela's currency ordered this month by Chavez's designated political heir, Vice President Nicolas Maduro.
BUSINESS
March 24, 1989 | From Financial Times
The sharp devaluation of the Venezuelan bolivar decreed last week by the government of President Carlos Andres Perez is sending shock waves through the economy, which relies heavily on imports. Prices for many goods and services are rising steeply, and the economy will most likely suffer a substantial contraction this year, after registering a 4.2% increase in gross domestic product in 1988.
WORLD
August 15, 2013 | By Chris Kraul and Mery Mogollon
BOGOTA, Colombia - Capital flight, political instability and misguided attempts to rein in double-digit inflation are being blamed for the weakening of Venezuela's currency on the black market, where it has fallen more than 75% against the U.S. dollar since April. The sharp drop in the value of the bolivar has occurred as economic problems grow more acute for President Nicolas Maduro, the late Hugo Chavez's handpicked successor, and political divisions between Chavistas and the opposition become wider and more violent.
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