The increase has been attributed to the devaluation of the Venezuelan bolivar
, which has made the country's office rental market the most expensive in Latin America.
With the latest move which is aimed to "minimise expenditure and maximise result", the Venezuelan bolivar
will go from 4.
After a sharp devaluation in January, the official rate for the Venezuelan bolivar
stands at 4.
Inflation shot up more than 25%, the highest rate in Latin America, leading the government last month to devalue the Venezuelan Bolivar
for the first time since 2005.
21 per common share) foreign exchange gain recognized as a result of the devaluation of the Venezuelan bolivar
fuerte during the quarter.
Improved cost structures and lower depreciation help increase operating profit by EUR 41 million to EUR 114 million / competitive pressures on fares, devaluation of the Venezuelan bolivar
and pilots strike depress second-quarter results / Lufthansa Group to slow capacity growth for the winter period and go on the offensive with new innovation and quality drives / profit outlook for 2014 and 2015 confirmed.
At the start of 2010, the Venezuelan bolivar
was devalued, with the government obliged to cut the value of its currency to improve the financial position of state oil firm PdVSA one of the main sources of government revenues.
It does not allow the conversion of Argentinean peso, Brazilian, Danish kroner, Indian rupee, Malaysian ringgit, Mexican new peso, New Zealand dollar, Norwegian kroner, Pakistani rupee, South African rand, Swedish kroner, Syrian pound, (New) Taiwan dollar, and Venezuelan bolivar
56 per share of charges related to the January 2010 devaluation of the Venezuelan Bolivar
The updated first quarter 2010 adjusted non-GAAP earnings per share guidance does not include the estimated impact of the previously disclosed devaluation of the Venezuelan Bolivar
25 per share, to reflect the adverse impact of the devaluation of the Venezuelan bolivar