VEF*: Black Market Rate Headed Much Lower

As we suspected, President Hugo Chávez's attempts to bring the parallel rate under official control are not working, with evidence suggesting other black market rates are springing up around the country. The Venezuelan black market bolívar (VEF*) remains heavily exposed to Chávez's inflationary economic policies, and we therefore expect the unofficial rate to continue to spiral on its upward trajectory.

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