By Lester Pimentel
March 20 (Bloomberg) -- Venezuelan President Hugo Chavez may announce a devaluation of the bolivar tomorrow, Goldman Sachs Group Inc. said.
Chavez may devalue the official exchange rate to 2.70 per dollar from 2.15, Alberto Ramos, a Latin America economist with Goldman in New York, wrote in a report. Chavez said yesterday on state-owned television that he will announce economic measures this weekend.
A devaluation would help Chavez ease an “emerging fiscal crunch” that has been sparked by a plunge in oil prices, Ramos wrote. A weaker exchange rate generates more bolivars for each dollar of oil revenue the government receives. Crude accounts for more than 90 percent of Venezuela’s exports.
viernes, 20 de marzo de 2009
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