Venezuela devalues currency for 1st time since '05

Courtesy Topix - Business News  Sat, 01/09/2010 - 05:35

President Hugo Chavez announced a currency devaluation Friday for the first time since 2005, setting a two-tiered exchange rate designed to help Venezuela's oil earnings go farther domestically while holding down prices of priority imports like food to counter soaring inflation.


 

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