Venezuelan dollar bonds rallied the most in emerging markets after the country moved to allow for more dollar sales and amid optimism there will be a political fix to end protests that have left at least nine people dead.
The retired Venezuelan teacher says he was so desperate for dollars that he wired his life savings to a front company posing as a Margarita Island inn. Almost four months later, all he has to show for it is a menacing e-mail.
Venezuela is reforming its currency laws to start a third dollar allocation system in the “coming hours,” President Nicolas Maduro said yesterday as a shortage of greenbacks pushed product scarcity to a record.
Venezuela’s cancer-stricken President Hugo Chavez, who still has breathing problems, approved from Cuba an economic plan to boost exports that will be announced this weekend, said Vice President Nicolas Maduro.
Venezuela is weighing changes to a central bank system used to control the foreign-exchange rate after the bolivar fell to a record in black-market trading, fueling speculation the currency will be devalued.