Venezuelan Govt's Dollar Sales Up 21% In 1st 5 Months Of 2008
Mon, Jun 16 2008, 19:19 GMT
http://www.djnewswires.com/eu
Venezuelan Govt's Dollar Sales Up 21% In 1st 5 Months Of 2008
CARACAS (Dow Jones)--The Venezuelan government has sold around $19 billion dollars at the official exchange rate in the first five months of the year - a 21% increase against the same period in 2007, Manuel Barroso, president of the foreign exchange commission, said Monday.
Barroso said in comments broadcast by state television that the sale of dollars at the official exchange rate of 2.15 bolivars gave priority to the food industry, health care and machinery.
Last year the government faced food shortages and is now trying to avert them by increasing imports.
Venezuela imposed exchange rate controls in 2003 and importers or individuals that don't receive dollars at the official exchange rate are forced to turn to the black market.
-By Darcy Crowe, Dow Jones Newswires; (58) 212 905 6304; darcy.crowe@dowjones.com
(END) Dow Jones Newswires
June 16, 2008 15:19 ET (19:19 GMT)
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