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Venez pres: No need for currency devaluation

CARACAS, Venezuela (AP) - Venezuelan President Nicolas Maduro says there's no need to devalue the bolivar even as the country's currency plunges in illegal black market trading.

Maduro said in a news conference Friday that South America's biggest oil producer has more than enough dollars to meet its economic needs. He said he plans to strike back at opponents waging an "economic war" by using special decree powers likely to be granted by congress to set a 30 percent cap on profit margins for businesses. He said he would also stamp out speculation that has pushed the bolivar to record lows in the black market.

He said the country was "not expecting to correct any exchange rate differentials."


(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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