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.
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.
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.
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.
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 .
Venezuela will look to weaken the bolivar this year without making an official devaluation of the currency, as it tries to boost revenue and narrow the budget deficit, according to a survey of analysts.