Armando Leon News
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Venezuela’s central bank bought $1 billion of the $3 billion bonds sold by state oil company Petroleos de Venezuela SA as part of a private placement announced on May 11, a company official said.
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Venezuela will probably weaken the exchange rate in the central bank-administered currency market in the “medium term,” as the government seeks to avoid a boom in imports at the expense of national production , bank director Armando Leon said.
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Petroleos de Venezuela SA bonds maturing in 2022 fell the most in two weeks after a central bank director said more of the securities will be offered to investors in a state-run currency trading system.
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Venezuela’s economy will emerge from a recession in the last three months of the year as the government ramps up spending, construction increases and electricity rationing ends, said Armando Leon , a central bank director.
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Venezuela will ease some restrictions to allow companies to access the currency market after President Hugo Chavez banned unregulated trades, Armando Leon , a central bank director, said today in an interview.
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Venezuela will raise regulated prices gradually on items such as milk, rice and corn flour in a bid to avoid an inflationary spike caused by the devaluation of its currency, said central bank board member Armando Leon .
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Venezuela’s inflation goal for 2011 should be 20 percent, central bank director Armando Leon said.
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Venezuelan President Hugo Chavez said he will nationalize consumer goods companies, including “transnationals,” that fail to comply with price controls being prepared by the government.
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Venezuelan President Hugo Chavez’s move to expand price controls this week sparked panic purchases by consumers, leading to shortages of everything from coffee to toilet paper.
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President Hugo Chavez stepped up his control of the Venezuelan economy today as a new price regulation law came into effect that allows his government to set price caps on as many as 15,000 goods.
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