Venezuela reached deals with six airlines to pay dollar debt and may devalue the
bolivar for ticket purchasers as it works to normalize flights and prevent airlines from leaving the country, reports Bloomberg.
With the
bolivar falling and supplies uncertain, he might be forced to drop the brand name.
58
bolivars per share for the fiscal year ended March 31, 1992.
The proposed IMF agreement and the devaluation of the
bolivar are part of the government's aggressive program to address macroeconomic issues, reduce debt and stimulate direct foreign investment in Venezuela.
However, since April 1996, the
bolivar has traded in a very narrow range of +/- 475
bolivars to the U.
Venezuela's
bolivar fell to a six- month low as the central bank's almost month-long absence from the unregulated currency market left the supply of dollars short of demand, reports Bloomberg (March 3, 2010).
By most accounts, the bolivar is among the most overvalued currencies in the world.
The overvalued bolivar has been one of the main contributing factors to the economic problems Venezuela has experienced in the last two years.
