Venezuela devalues currency by 28.7%

By Compiled From Wire Service Dispatches With Analysis From Monitor Correspondents Around The World; Edited By Laurent Belsie

March 1, 1983

Caracas

Venezuela announced a partial devaluation of the bolivar. The 28.7 percent devaluing was part of a plan to counter capital flight and the effects of declining oil revenues - and came after a week-long suspension of foreign-currency sales.