Venezuela getting new currency

Venezuela will introduce a dual currency to alleviate pressure from a devalued bolivar and record-high inflation, a government financial adviser said.

The intention is to finish with the parallel market and instead allow the dollar to trade through a global bond on the local stock market, transparently and freely, said an adviser to the Venezuelan finance minister on condition of anonymity.

The bolivar was devalued about 100 percent against the dollar in 2007, which in turn prompted a 22.5 percent rise in inflation during the same period, The Financial Times reported online Monday.

Basically we are getting into a dual currency, thus avoiding having to announce a devaluation, said Finance Minister Rafael Isea.

Copyright 2008 by United Press International

By DodgerDogs on Mar 31, 2008, 21:07 in Off Topic.

DodgerDogs says on Mar 31, 2008, 21:08: I wander if this will hurt the doolar on the black market, I was getting 5,000 bolivars to the dollar last week. The Colombians working in Venezuela may not like the new currency. Our lives begin to end the day we become silent about things that matter.Martin Luther King: 0 funny, 0 helpful.

MitchAlvarez says on Mar 31, 2008, 21:12: any truth to the rumor theyll soon have a new currency called "el chavista" with images of chavez and several farc leaders? 0 funny, 0 helpful.

DodgerDogs says on Mar 31, 2008, 21:44: Hugo Chavez might put Reyes on Venezuela money, as his buddy Castro did with a Guerilla leader named Che. Our lives begin to end the day we become silent about things that matter.Martin Luther King: 0 funny, 0 helpful.

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