Venezuela beginning of a hidden devaluation of the currency.

KommentariiOstanovit oil deflyatsiyu02.12.2008OPEK not been a reduction of oil production and appealed for help to RossiiOdin of the world's largest oil exporters Venezuela beginning of the so-called "hidden" devalue the national currency, reports Bloomberg. Venezuelan President Hugo Chavez said in a decline in world prices for oil country will not be forced to maintain a prescribed course of the Venezuelan bolivar.
The essence of such an unusual devaluation is that the authorities have reduced the volume of sales of foreign currency, thus forcing Venezuelans turn to the black market, where the rate of American dollar, for example, above the official 61 per cent. On 31 December 2008 the Government of Venezuela also twice reduced the amount of dollars that residents can buy when going abroad.
In early January 2009, Venezuelan Finance Minister Ali Rodriguez (Ali Rodriguez) said that devalue this year's "no plans", said the publication. At the same time, Rodriguez warned that the amount of dollars sold at a fixed rate will be reduced.
Remember, the price of oil on the world market in mid-2008 set a record, rising above 147 dollars a barrel. In January 2009, the value of barrel of oil dropped below $ 40. However, in November 2008, Chavez has called "fair" price for oil at U.S. $ 80-100 per barrel.
Venezuela is the world's fifth-largest oil exporter. About 80 percent of oil produced in the country come to the United States.