Venezuela to slow bolivar depreciation in 2001

Venezuela's central bank (BCV) will announce a slower depreciation rate of the bolivar currency and possibly a new central parity rate within the next two weeks, senior bank officials said Thursday.BCV president Diego Castellanos said the new parameters would be set by the bank's governing board next week, to take effect in January 2001.

According to the current system, created in 1996 and revised in 1998, the bolivar is allowed to depreciate by 1.28% per month, with up to 7.5% variation from

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