Venezuela devalues currency 32% | Bangkok Post: breakingnews

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Venezuela devalues currency 32%

Venezuela said Friday it is devaluing its currency by 32 percent against the dollar on the orders of cancer-stricken President Hugo Chavez, who is sees it as a way to boost economic growth.

Venezuelan Bolivars are seen on December 7, 2011, in Caracas, Venezuela. Venezuela said Friday it is devaluing its currency by 32 percent against the dollar on the orders of cancer-stricken President Hugo Chavez, who is sees it as a way to boost economic growth.

The bolivar thus goes from 4.3 to 6.3 to the dollar. The move was announced at a press conference by Planning and Finance Minister Jorge Giordani.

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