FX Week

Bolivar float shocks market

MARKET NEWS

CARACUS -- The Venezuelan government surprised Latin American markets last week by floating the nation's currency, the bolivar.

The currency had, until last week, been trading within a managed currency band, but recent pressure on the band due to perceived overvaluation and a need to increase government revenues through devaluation led to the change, analysts said.

"The float is a surprise," said Guillermo Estabanez, Latin American currency strategist at Bank of America in San Francisco.

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