Today’s podcast at 11AM Eastern: Venezuela’s back-door currency devaluation, which is also the subject of my post at Real Clear World Blog:
In a move to preserve foreign currency reserves, Venezuela’s government reduced by half the amount of of dollars it will let people spend when traveling abroad to $2,500. The Venezuelan Foreign Exchange Administration Commission, known as Cadivi, reduced the amount of cash at the fixed exchange rate that Venezuelans can withdraw from foreign banks by half, from $500 to $250 a month. The new rules require that travelers have airplane, bus or ship ticket abroad; new Cadivi cardholders can’t get Cadivi dollars for six months.
Please read the post, and listen to the podcast.
UPDATE
The Devil’s Excrement has The many tricks of CADIVI corruption in the Chavez revolution
