Venezuela allowed the bolivar to weaken 88 percent on a new currency market after loosening controls, a move to increase dollar supplies needed to alleviate a record shortage of imports including medicine, food and toilet paper.
Colombian President Juan Manuel Santos’s allies retained control of Congress in elections yesterday, bolstering his bid to secure a peace deal with Marxist guerrillas who have been fighting the state since the 1960s.
Venezuelan bonds rallied as the government said it will ease exchange controls and get as much as $7 billion in financing from China and Russia as it attempts to damp three-week-old protests that are expected to continue.
Venezuela’s government said it will relax exchange controls imposed over the past decade as it attempts to ease shortages of basic goods and damp deadly protests over the rising cost of living. Bonds rallied.
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.
What stuck most in Timothy Towell’s memory was the car. When the former U.S. diplomat met with Leopoldo Lopez in September 2006, the Venezuelan opposition leader showed up in an SUV riddled with bullet holes.