Friday, December 14, 2007

Correction from Journalist Per Kurowski

It is an honor that Journalist Per Kurowski, former Executive Director of the World Bank, corrected my previous posting as follows:

Dear Maru

You say "In addition that Chavez continues to devalue the abused Venezuelan currency. Just recently he removed several zeros, but it is very weak." Now this is wrong. The fact is that the official the bolivar is very strong because of oil but since they have a foreign exchange system with the official dollar given out at Bs.2.150/US$ while there is a parallel black market wher it goes for about 5.000 the obviously a sprending spree is stimulated by having anything that could be purchased at 2150 seem cheap against the alternative of purchasing it at 6.000.



Maru Angarita

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