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Macroeconomic Forecast Venezuela

October 2008 | Macroeconomic Forecasts

The Venezuelan parallel exchange rate has widened dramatically from a high of VEF3.4000/US$ in May to its current level of VEF4.8000/US$. With the price of oil (which accounts for roughly 95% of Venezuela's exports and 50% of government revenues) falling rapidly, we believe that the anticipation of an official currency devaluation (from its current rate of VEF2.1500/US$) is driving

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