Venez pres: No need for currency devaluation


| Zoom

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 This material may not be published, broadcast, rewritten or redistributed.)

Top Stories

  • Solution: Apodments
    Jason Rantz says paternalistic councilmembers may kill an affordable housing solution

  • Week In Photos
    Jaw-dropping images from around the world this week
ATTENTION COMMENTERS: We've changed our comments, but want to keep you in the conversation.
Please login below with your Facebook, Twitter, Google+ or Disqus account. Existing MyNorthwest account holders will need to create a new Disqus account or use one of the social logins provided below. Thank you.
comments powered by Disqus
Sign up for breaking news e-mail alerts from MyNorthwest.com
In the community
Do you know an exceptional citizen who has impacted and inspired others?
KIRO Radio and WSECU would like to recognize six oustanding citizens this year. Nominate them to be recognized and to receive a $2,000 charitable grant.