Venezuela’s President Sets Fixed Rate
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From Bloomberg News
Venezuela fixed its exchange rate at 1,598 bolivars to the dollar and lifted a two-week ban on foreign exchange trading, President Hugo Chavez said. The central bank will give priority to dollar sales to pay debt and importers of essential food and medicine, Chavez said.
Venezuela has boosted oil output to 1.9 million barrels a day from 150,000 barrels a day in December, Chavez said.
The country produced about 3.2 million barrels a day before a 62-day strike began Dec. 2.
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