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News Americas: Currency Devaluation 0 Shortage-Plagued Venezuelans
News Americas: Currency Devaluation 0 Shortage-Plagued Venezuelans
News Americas: Currency Devaluation 0 Shortage-Plagued Venezuelans
CURRENCY DEVALUATION 0
SHORTAGE-PLAGUED VENEZUELANS
FILE - A shopper in a Caracas supermarket
holds her basket of products that have been in
short supply, Feb. 3, 2015.
pay 11. The benchmark Global 2027 was up 0.603 point to a price of 41.570 and a
yield of 24.261 percent. Economists believe the benefits of devaluing are muted
because the new Simadi system will receive only a small fraction of the dollars that
the government sells, with the vast majority being sold at preferential rates.
Essentially, those who cannot obtain dollars at the other two rates will try to get the
Simadi rate.
"We remain 12 skeptical about the impact this three-tiered FX system will
have on an already stagflationary economy,'' wrote UBS economists in a research
note. "We 13 that Simadi will, at most, remain a rather marginal FX allocation
system.'' Venezuela's bonds are trading at distressed levels on concerns that the
rout in oil prices could prompt a default; on average, they pay 26 percentage
points more than 14comparable U.S. Treasury bills. Maduro dismisses default talk
as ill-intentioned rumor-mongering.
Few products available
Unlike previous devaluations, when Venezuelans crowded electronics shops
to pick up appliances before prices rose, lines were 15 Friday because low
inventories have left shelves largely bare. "The last televisions we sold arrived in
November and were gone the same day,'' said a salesman at one popular
electronics shop who asked not to be named. "If they come at the black market
rate, I think people would buy them no matter the price.''
Other Venezuelans worried that inflation, already the worst in the Americas
at an officially estimated 64 percent last year, would spike even further.
"Everything's going to carry on being tough,'' said a 38-year-old woman, who gave
her name only as Josefina, in a Caracas shopping line of about 100 people
Opposition 17 complained that Maduro had disguised the devaluation, which came
via an Excel sheet on the central bank's website, and sought to distract
Venezuelans by simultaneously denouncing a coup plot in the air force.
TASKS
1. LISTEN TO THE FOLLOWING IDEAS AND IDENTIFY ONLY THOSE ONES WHICH
WORK AS CONTROLLING IDEAS (CIs) FOR THE PREVIOUS READING SELECTION
(2each:
/8PT)
2.
a. ( ) b. ( x ) c. ( ) d. ( x ) e. (x ) f. ( ) g. (x ) h. (x )
3.
4. HIGHLIGHT THE RIGHT WORD FAMILY OPTION IN BOXES (0.75each:
5.
6. STUDENTS I.D CARD NUMBER
25.518.291
7. EEI/EIV61-2015
/12PT)