Economics
The 61% Devaluation That Venezuela Told No One About
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The world’s steepest currency devaluation is happening with so little fanfare that you may have missed it.
Venezuela is forcing companies to pay an average 61 percent more for dollars in government auctions compared with a year ago, according to estimates by Barclays Plc. The sales are the only way most of them can get their hands on scarce foreign currency to purchase goods from abroad without access to the official exchange rate of 6.3 bolivars per dollar.