Ecco che finalmente si ragiona:
Venezuela unveils 69 percent devaluation via new forex system
Venezuela unveils 69 percent devaluation via new forex system
By Corina Pons and Brian Ellsworth
CARACAS | Thu Feb 12, 2015 7:30pm EST
CARACAS (Reuters) - Venezuela on Thursday unveiled a devaluation of 69 percent at the opening of a new free-floating currency exchange rate system, part of President Nicolas Maduro's efforts to stem capital flight and shore up the OPEC nation's coffers amid tumbling crude prices.
The move may help ease market concerns of a possible debt default and boost supplies of dollars to a currency-starved economy, but it risks spurring inflation amid recession, product shortages and swelling supermarket lines.
It could also lead to billions of dollars in write-downs by foreign corporations with exposure to Venezuela, which include General Motors Co (GM.N), Spain's Telefonica (TEF.MC) and German drugmaker Bayer (BAYGn.DE).
The central bank said dollars fetched 170 bolivars on the first day of operations of the Simadi foreign exchange platform, the weakest of a three-tiered currency control system that also sells dollars at 6.3 bolivars and at 12 bolivars.
The Simadi system replaced a previous currency platform known as Sicad II, which sold dollars at a rate of 52.
The Simadi rate is now close to the black market rate of around 190. State officials have for years accused opposition adversaries of artificially weakening that rate in efforts to damage the economy.
The devaluation of the third and weakest bolivar rate would in principal favor bondholders by reducing the amount Venezuela has to pay for imports and thus increase its reserve of dollars to pay off foreign debt.
Venezuela's bonds have been trading at distressed levels on concerns that lower oil prices will leave the country unable to pay.
The impact of the devaluation will depend on what percentage of dollars are sold through each tier of the system.
Finance Minister Rodolfo Marco, upon announcing the system on Tuesday, said that 70 percent of the economy's currency needs would be met at the preferential rate of 6.3.
(Reporting by Corina Pons and Brian Ellsworth; Editing by Andrew Cawthorne and Leslie Adler)
