Venezuela Has to Converge FX Rates to Grow, Ramirez Says
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Venezuela needs to converge its three official foreign exchange rates “shortly” to beat the distorting black market for dollars and return to growth, Economy Vice President Rafael Ramirez told investors in London.
To boost investor confidence also needed for growth Venezuela plans to raise its international reserves from near a 10-year low. The country will move some money from off-budget funds to the central bank, according to an e-mailed statement sent over the weekend by state-run Petroleos de Venezuela, where Ramirez is president.