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FEB 08, 2013 - Business Insider

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Venezuela Devalues Its Currency

Venezuela just undertook a massive currency devaluation, re-pegging the bolivar to a rate of 6.3 per U.S. dollar from a previous exchange rate of 4.3 bolivars per dollar. The government also announced that it would shutter the Venezuelan currency exchange system known as SITME. Given the currency devaluation underway in other economies around the world right now – notably, Japan – a few are calling this Venezuela's foray into the global "currency war" between countries trying to devalue their currencies in order to increase export competitiveness. However, Venezuela appears to be ... Read More

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