Venezuela devalues currency by 32 percent against USD

  • Venezuela has slashed the value of its currency against the US dollar by 32 percent in a bid to boost its economy.

    The widely expected moves now pegs the bolivar at 6.3 per US dollar compared to 4.3 previously.

    The measure was announced on Friday following Vice-President Nicolas Maduro's return from Cuba, where he said he received the instructions from President Hugo Chavez.

    Chavez has not been seen or heard in public since December, when he traveled to Havana for cancer treatment.

    This is the fifth devaluation of the bolivar since Chavez' administration took control of the exchange rate in 2003.

    The previous devaluation occurred in 2010.