InfoAnda - Government hopes to cash in on devaluation in Venezuela

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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Government hopes to cash in on devaluation in Venezuela AFP - Sunday, January 10 Send IM Story Print Venezuelan President Hugo Chavez speaks in Caracas on January 8. Venezuela's first devaluation of its currency since 2005 should come as a boon to the massive public sector, while adding pressure to an already soaring inflation rate, experts said Saturday. CARACAS (AFP) - – Venezuela's first devaluation of its currency since 2005 should come as a boon to the massive public sector, while adding pressure to an already soaring inflation rate, experts said Saturday. And Venezuela's inflation rate, which topped 25 percent in 2009, is Latin America's highest. President Hugo Chavez devalued the bolivar Friday for the first time since 2005, creating a dual exchange rate system. The move aims to favor some sectors of the economy the government considers priorities, with the bolivar pegged at 2.6 per dollar, down from 2.15 per dollar. The leftist leader said that the health, food imports, machinery, books and technology sectors, as well as public sector imports and remittances would benefit from the preferential rate. Meanwhile non-essential imports were to be subject to a rate of 4.3 bolivars per dollar. The higher exchange rate would apply to items such as automobiles, telecommunications, tobacco, beverages, chemicals, petrochemicals and electronics. The government allowed that inflation would remain a concern. "It would be foolish on my part to deny that this measure will have an impact on prices," said Finance Minister Ali Rodriguez. Economist Orlando Ochoa said that was the understatement of the year, and that Venezuelan consumers would pay big for the dual rate move. The measures really are "throwing gasoline on a fire" as far as inflation is concerned, Ochoa said. "Prices are going to go up, but the government needs more income and it will be getting more for its exports," he said. Indeed "it is very rare to see anywhere in the world an exchange system that so greatly favors the public sector; the State imports at 2.6 bolivars to the dollar but is going to receive 4.3 bolivars for every dollar in exports" mainly in oil, he noted. Former central bank chief Jose Guerra summed it up as: "more money for the government, and less for the people." "Devaluation in the absence of fiscal and monetary steps just means inflation," he stressed, noting that an imported car in theory would see its price doubled, at least. The largest oil producer in South America, Venezuela slipped into a recession in 2009 for the first time in six years due to a drop in oil prices and production. Caracas had repeatedly ruled out devaluating its currency fueling black market trading. Recommend Send IM Story Print News Search Top Stories Argentina appeals court ruling on Central Bank chief Oil talks fail between Russia, Belarus: news agencies Government hopes to cash in on devaluation in Venezuela Dozens join Sudan drumming protest in London Germany needs 'big spending cuts' to reduce deficit More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Britain faces toughest cuts for 20 years: Darling Hugh Grant sets marriage as New Year's resolution New for 2010: anti-wrinkle bras, protein undies Formula One boss launches Saab rescue bid: reports Weak US jobs report highlights sluggish recovery More Most Viewed » British priest defends urging people to shoplift Beat the blues by going to bed early: study Huge tomb found at Egypt's Saqqara pyramid More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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