In addition, it is claimed that Venezuela's currency, the bolivar , is overvalued by as much as 50 per cent.
He said it expects the same effect from exchange rates for the current fiscal year, mostly because of the dollar's decline against the pound and currencies such as Nigeria's naira and the Venezuelan bolivar .
The leading losers against the dollar were the Uruguay peso, Venezuelan bolivar , Chilean peso, Brazil real, Mexican peso, Argentine peso, and the Peruvian new sol.
Meanwhile rumours of an imminent devaluation of the bolivar has contributed to further inflation.
He denounced the government's decision to float Venezuela's currency, the bolivar , and to cut next year's budget.
High amounts of crude exports artificially boosted the bolivar making imports cheap and destroying local industry.
This allowed him to devalue the bolivar and successfully attack the problem of the country's internal indebtedness.
If you see a woman walking down the street in spike heels and a skirt so tight that it must have been poured on and left to set, you can bet your bottom bolivar that she's on her way to the office.
Venezuela owed about sixty-two million bolivars to an impatient consortium headed by Great Britain and Germany.
Finally, they raise an issue as to the date at which the loss, which was originally sustained in bolivars , should be converted into United States dollars for the purposes of the policy.