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.
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.
Venezuelan taxi driver Jose Sotomayor drives four hours through army checkpoints every week from the city of Maracaibo to buy rice in Colombia for his family at 10 times the government-set price back home.
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’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.