EDT October 29, 2013 Prices will increase starting Nov. 13.
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Venezuela’s Christmas Saved for All as Bonds Pay for Toys
All the dollars that our fatherland needs until December 31 are guaranteed, Maduro said on state television on Oct. 10. We are going to have a happy Christmas. The South American nation this month started weekly currency auctions using dollar-denominated bonds issued by state oil company Petroleos de Venezuela SA and held by the central bank after a two-month hiatus, giving companies a chance to buy almost $300 million. The auctions allow local companies to obtain hard currency from the central bank, which sells the bonds abroad for dollars, to buy the goods that Venezuela doesnt produce domestically. While the auctions will help Maduro fulfill his pledge this month of ensuring the nations happiness during the holidays by alleviating shortages that caused annual inflation to soar 49 percent in September, concern is deepening that PDVSA will need to sell new bonds for the first time since May last year to replenish supply. With the state oil company considering a sale of as much as $3 billion before year-end, Barclays Plc says the glut threatens to increase Venezuelas borrowing costs , which are the highest in emerging markets .
For the original version including any supplementary images or video, visit http://www.bloomberg.com/news/2013-10-29/venezuela-s-christmas-saved-for-all-as-bonds-pay-for-toys.html
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