Coca-Cola Femsa's Trevino Says Venezuela May Establish Dual Exchange Rate Jul 25, 2009
They will leave an official exchange rate for things that are more basic and probably the parallel exchange rate for the other stuff ... Venezuelans turn to the parallel, unofficial currency market when they cant get permission from the government to buy foreign currency at the official exchange rate of 2. (Bloomberg -- Latin America)
Banks groan under N1.25tr loans to 'big five' Jul 22, 2009
"As at the time the obligation crystallised, they debited us with N127 per litre of PMS that was N127.00 to a dollar. And as at that time, the official exchange rate was N116.82. So, when this letter came, we wrote a letter immediately, we protested that the rate they used was not the official rate and it was not acceptable except they want to tell us they have used the black market rate, even black market rate was lower as at then. "Since that period, we have been exchanging letters between... (Guardian News, Nigeria)
An outgoing presidents message (72) Jul 21, 2009
cedarchopper wrote on Jul 20, 2009 11:00 AM:" Notice the date of the letter, Feb. 21, 1933. Less than 2 weeks later, one day after the inauguration of Roosevelt and his 1st act in office, a bank holiday was declared, and the people's gold was confiscated and made illegal to possess or use in commerce...including making all contracts previously payable in gold void.This was the bankruptcy and reorganization of the USA (Republic). The private banking cartel (FED) took possession of the people's... (Boerne Star, TX)
United Arab Emirates Jul 20, 2009
GDP (official exchange rate): $164 billion (2006 est.). GDP - real growth rate: 8. (CBS News -- Evening News)
Venezuela Denies Restricting Newspapers' Imports Jul 18, 2009
Under controls imposed by President Hugo Chavez in 2003, importers must apply to the agency to buy dollars at the official exchange rate. But falling oil revenue has limited that supply. (CBS News -- World)
PDVSA Sells $1.6 Billion of Debt, Completing $3 Billion Issue in Venezuela Jul 16, 2009
Venezuelans who cant obtain permission to buy dollars at the official exchange rate turn to the unofficial market where the bolivar trades for about three times as much. Venezuelan bonds, including PDVSA dollar bonds, and dollar- linked bonds that investors can buy with local currency, known as TICCs, will begin to trade in the secondary market through the on July 20, a spokesman said today in an interview. (Bloomberg -- Latin America)
Chile Peso Falls Most in Three Weeks as Central Bank Cuts Rates to Record Jul 11, 2009
The government pegs the currency at an official exchange rate of 2. 15 per dollar under restrictions it imposed in 2003. (Bloomberg)
PDVSA to Borrow Up to $3 Billion, Central Bank President Merentes Says Jun 26, 2009
Local investors will be able to buy the bonds at the official exchange rate of 2. 15 bolivars per dollar, according to a statement published today on the companys Web site. (Bloomberg -- Latin America)
Chavez's Dollar Rationing Sparks 70% Drop in Fabricato Exports, CEO Says Jun 25, 2009
June 24 (Bloomberg) -- , Colombias biggest textile maker, said exports to Venezuela plunged about 70 percent after President s administration stopped selling dollars to the industrys importers at the official exchange rate last month. Importers, including Fabricatos local subsidiary, have to buy dollars in Venezuelas unregulated parallel market, where the bolivar trades at 6. (Bloomberg -- Latin America)
Zimbabwe: Stop Speculation Now [editorial] Jun 6, 2009
Technically, the building society was right because it had to charge the official exchange rate and deduct its commission. But what hurt most people was that the move appeared discriminatory. (allAfrica.com)
Prices rising, goods disappearing in Venezuela's troubled economy May 28, 2009
With reserves dropping, however, the government has begun limiting the dollars it provides to importers at the preferential official exchange rate. The move is likely to fuel inflation, already the highest in Latin America at 30 percent, said Domingo Maza Zavala, a Caracas-based economist. (Fresno Bee -- Local)
Uzbekistan mixes rich and poor May 8, 2009
Not only is the official exchange rate over 20% lower than the black market rate, it is not easy to get money out of banks if you put it in - not to mention the prospect of paying taxes. The expanding retail sector works in (black market) dollars, right down to pricing of goods, but much of the expatriate remittances was going into property which, familiarly, led to a bubble. (Asia Times Online)
Motor madness May 5, 2009
" Starved market The economic downturn does not seem to have affected demand for cars in Venezuela as it has in other parts of the world. Many Venezuelans view buying a car as a more secure investment than keeping their savings in a bank, where they can be eaten away by an inflation rate that hit 30.9% in 2008. Car dealer Oscar Gonzalez does not have to chase customers Economic prosperity during the recent oil boom increased demand for cars to record levels in 2007. But the sector has been... (BBC News -- Business)
Tourist town cashing in by accepting Euros as well as pounds May 4, 2009
Page last updated at 13:39 GMT, Sunday, 3 May 2009 14:39 UK. Euro 'paying off' for resort town. (BBC News -- UK)
Correction: Venezuela-Opposition Leader Story May 1, 2009
Both prosecutors and Rosales say the income was worth about 147,000 strong bolivars, or about $68,000 in Venezuelan currency at today's official exchange rate. Copyright 2009 The Associated Press. (CBS News -- World)
Press Release: IMF Mission Reaches Agreement on First Review under Stand-By Arrangement with Ukraine Apr 18, 2009
The flexible exchange rate regime has served Ukraine well and the authorities will retain this arrangement, including by allowing the official exchange rate to follow the market exchange rate. Going forward, the global financial and economic crisis poses a challenging environment for Ukraine. (IMF News)
Zimbabwe's shops fill up as foreign currency takes hold Apr 9, 2009
At the end of January the official exchange rate for US$1 was Z$7. 6 billion. (Business Report, South Africa)
Fast Facts: Cuba Mar 29, 2009
GDP (official exchange rate): $40 billion (2006 est.) ... 9231 (2006) note: Cuba has three currencies in circulation: the Cuban peso (CUP), the convertible peso (CUC), and the US dollar (USD), although the dollar is being withdrawn from circulation; in April 2005 the official exchange rate changed from $1 per CUC to $1. (CBS News -- World)
Dollarization, or how to avoid the devil's embrace Mar 27, 2009
In Mr. Gogo's first term, the official exchange rate of the gogo rises to one billion gogos for one U.S. dollar. On the black market, it rises to 1. (Globe and Mail -- Business)
P.L. Haughton: U.S. getting no respect Mar 26, 2009
Using the official exchange rate, Cuba's deficit in 2008 was 4. 1 percent of GDP. According to official Cuban government figures, Cuba's projected deficit in 2009 will run to 5. (Athens Banner-Herald)
Sen. McConnell: Budget makes USA worse than Cuba... Mar 25, 2009
1 percent of GDP using the official exchange rate, or 1. 57 percent using another measure of total national output, according to the CIA.. (The Drudge Report)
Vietnam allows currency to weaken more quickly Mar 24, 2009
The official exchange rate is 16,980 dong to the dollar, and the dong has weakened about 2 percent since the start of the year. Economist Pham Chi Lan said the widening of daily exchange-rate trading band will help boost the country's exports which are affected by the global economic recession. (The Star Online, Malaysia -- Business)
Chávez cuts budget as oil prices fall Mar 23, 2009
As part of the adjustments, Mr. Chvez said his government would also raise the minimum wage this year by 20 percent from its current level of about $372 a month at the official exchange rate. But annual inflation of 29. (International Herald Tribune)
Chavez Cuts Spending, Says His Government Won't Devalue Venezuela Currency Mar 22, 2009
Venezuelans turn to a parallel, unregulated market when they cant get approval to purchase dollars at the official exchange rate. The has plunged 32 percent during the past six months on concern falling oil prices will force Chavez to devalue. (Bloomberg -- Latin America)
CBN explains naira's fall Mar 19, 2009
"We also briefed the Council on the various measures we have put in place on reverting to the Retail Dutch Auction System, getting all inflows from official sources now to the Central Bank and, of course, managing the official exchange rate with a band of plus or minus three per cent. We are also trying to emphasise, and this is very important for Nigerians to know, that the official exchange rate at the CBN window that you will go to bank and obtain has hovered between N144 and N150. It has... (Guardian News, Nigeria)
Nigeria: Central Bank Moves to Rescue Currency Mar 18, 2009
The official exchange rate is currently N146. 6 to a dollar, compared with N175 on the street, according to a currency trader, who gave his name as Ilyasu Dogo, in the commercial hub of Lagos. (allAfrica.com)
Untapped riches Mar 16, 2009
The country has its own flag, national anthem, vehicle number plates and currency - although the Somaliland shilling is not a recognised currency and has no official exchange rate. It is regulated by the Bank of Somaliland which was established constitutionally in 1994. (BBC News -- Business)
Nigeria: Global Financial Crisis Will Slow Economy - CBN Mar 10, 2009
It said: "The official exchange rate has ranged from N144-N150 to US$1 since mid-January 2009. This is the exchange rate for about 95% of legitimate foreign exchange consumption in Nigeria. The objective of the current foreign exchange rate policy is to conserve foreign reserves and ensure stability of the exchange rate. So far we are succeeding and the outflow of foreign exchange has reduced by more than 50 per cent. The policy will ensure that even if the global crisis lasts for the next three... (allAfrica.com)
During Russian doldrums, full steam ahead for Coke Mar 8, 2009
At the same time, the central bank recently set the official exchange rate at 36. 4 rubles to the dollar, the lowest point for the ruble since January 1998. (The Palm Beach Post)
Transcript of a Press Conference on Economic Program of the Ukrainian Authorities, With Ceyla Pazarbasioglu, IMF Mission Chief to Ukraine Feb 28, 2009
As you know, the letter that was signed by the authorities, the idea is to make sure that the official exchange rate is in line with the market exchange rate, and this is one of the issues that we will be discussing with them going forward, especially in the coming weeks. What the authorities have done is, they have introduced in November and December foreign exchange reserve auctions, where it s a transparent and a good process. (IMF News)
As others fled Venezuela, bank saw a golden opportunity Feb 19, 2009
var and profited from it, transferring hard currency back to Venezuela on the black market to acquire some goods denominated at the official exchange rate. Faraco estimated that as much as 30 percent of Stanford International Bank's $8 billion in reported assets last year came from Venezuelans. (International Herald Tribune)
Rodriguez Says Oil Price Will Cut Venezuela Spending, Union Radio Reports Feb 18, 2009
Feb. 17 (Bloomberg) -- Venezuela will have to reduce spending and limit imports at the official exchange rate to strictly necessary goods to balance the budget, Finance Minister said. Low oil prices are affecting Venezuela and production cuts by the Organization of Petroleum Exporting Countries havent yet had an impact on the oil market, Union Radio said, citing Rodriguez. (Bloomberg -- Latin America)
Chávez looks ahead as he faces serious challenges Feb 17, 2009
"Boliburgueses" the new Bolivarian bourgeoisie shops at supermarkets where a box of Cheerios (yes, Cheerios) costs $43 at the official exchange rate. But while inequality no doubt persists here, Chvez has also delivered to the poor, cutting the poverty rate to 26 percent at the end of 2008 from 54 percent in 2003, official figures show. (International Herald Tribune)
Chilean Peso Advances After Interest-Rate Cut; Venezuela's Bolivar Drops Feb 14, 2009
Venezuela pegs the currency at an official exchange rate of 2 ... Measures may include the implementation of a financial transaction tax, an increase in the value-added tax rate, a devaluation of the official exchange rate and an increase in domestic gasoline prices, Grisanti said. (Bloomberg -- Latin America)
Yuan depreciates due to huge demand for U.S. dollar Feb 8, 2009
BEIJING, May 25 (Xinhua) -- To many investors' surprise, the Chinese yuan's official exchange rate has weakened significantly in recent days. The China Securities Journal attributes the halt in the yuan's appreciation pace to the huge market demand for U.S. dollars. (Xinhuanet, China -- Business)
