Stock Market / Finance in Venezuela
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VENEZUELA, 2013/04/02
But the hunger for dollars and Euros persisted, fuelling a black market with a much higher exchange rate that by law cannot be published. The government scrapped a program that exchanged currency at a rate of 5.3 Bolivar per dollar because officials said it allowed for “speculation,” and dollars wound up on the black market.
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VENEZUELA, 2013/02/13
Venezuela’s new currency devaluation will hurt a range of US and European companies that sell to consumers in the country, as national-imposed price controls make it additional difficult for those companies to protect their profits.
On Friday Venezuela devalued the bolivar by 32%, its fifth such move in a decade. For US companies that do substantial business in the country, such as Colgate-Palmolive, Avon Products, Procter & Gamble and Kimberly-Clark, that means their earnings in bolivars are presently worth less at the same time as converted back to dollars.
