Bloomberg News

Venezuela Doesn’t Plan to Devalue Currency, El Nacional Says

October 19, 2012

Venezuela isn’t studying a devaluation of its currency next year and the government will maintain levels of spending similar to those in 2012, El Nacional reported, citing central bank President Nelson Merentes.

The central bank is allowing foreign currency reserves to fluctuate between $2 billion and $5 billion, the Caracas-based daily cited Merentes as saying.

The bank has sufficient dollar-denominated securities to feed the Sitme currency market, Merentes said, according to El Nacional.

To contact the reporter on this story: Charlie Devereux in Caracas at cdevereux3@bloomberg.net.

To contact the editor responsible for this story: Joshua Goodman at jgoodman19@bloomberg.net.


Too Cool for Crisis Management
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus