Venezuela Seen Delaying Devaluation Amid Chavez’s Cancer
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Venezuelan President Hugo Chavez’s battle with cancer will defer an expected devaluation by three months as his convalescence in a Cuban hospital delays economic decision-making, according to a survey of analysts.
Venezuela will weaken the official bolivar rate 33 percent to 6.4 per dollar in the second quarter, generating more revenue in local currency from each dollar of crude exports, according to the median estimate of 12 analysts surveyed by Bloomberg. In a poll taken in July, economists expected a devaluation of the same size in the first quarter.