Venezuela devalues bolivar by 32%

Feb 08, 2013, 4:34 PM EST
Big samples of a "new family" of Venezuelan notes seen at the Central Bank headquarters in Caracas on October 24, 2007.
REUTERS/Jorge Silva/Files

Venezuela devalued its bolivar currency in a widely expected move that will ease pressure on government finances after President Hugo Chavez's heavy campaign spending last year, but is likely to spur the OPEC nation's inflation. Officials said the fixed exchange rate would change to 6.30 bolivars to the U.S.dollar from 4.30 bolivars to the U.S. dollar effective immediately.