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Christmas Nike Lebron - Shortage-hit Venezuelans scratch heads over complex devaluationByReuters Published: 18:50 GMT, 13 February 2015 | Updated: 18:50 GMT, 13 February 2015 By Brian Ellsworth and Corina PonsCARACAS, Feb 13 (Reuters) - Venezuelans puzzled on Fridayover the impact of a complicated currency devaluation andfretted that dire product shortages in the OPEC nation'srecession-hit economy would Christmas Nike Lebron not go away.President Nicolas Maduro's socialist government on Thursdayunveiled a 69 percent devaluation via a new free floating currency system known as Simadi, the third of three-tierexchange controls created by his predecessor Hugo Chavez. They're doing this because they don't have any money, saidan 83-year-old man, who only gave his name as Christmas Nike Lebron Felix, standing ina senior citizens' line with about 50 other people to buy riceand coffee at a Caracas supermarket. This is not going to solve the problem. We're going to keepwaiting in line to buy anything we need. The Simadi system has an exchange rate of 170 bolivars perdollar, but state officials Christmas Nike Lebron insist most of the country's foreignexchange will be sold at two preferential rates: 6.3 foressential goods such as food staples, and 12 for other sectors.The country's central bank administers dollars at those tworates, but importers complain that allocations are limited,often delayed and require overwhelming paperwork.Dollars on the black market fetch 190 bolivars.The Christmas Nike Lebron two preferential exchange rates of 6.3 and 12 can helpkeep prices down for food and medicine, but businessesconsistently struggle to get dollars at the rate, which meansthey cannot bring in raw materials or machine parts.As a result, there are shortages of basic consumption goodsranging from chicken to laundry detergent, leading to occasionalscuffles Christmas Nike Lebron for scarce products.The scarcities and lines have contributed to a dip inMaduro's approval - to 22 percent according to one pollster -and has given opponents hope of wresting control of parliamentfrom the ruling Socialist Party in a vote later this year.Maduro says the country is a victim of an economic war, and Christmas Nike Lebron points out that Venezuelans are generally better off andbetter fed now than they were before Chavez took office in 1999.IMPACT ON CORPORATE ACCOUNTSThe devaluation is likely to ripple across the balancesheets of foreign corporations with significant exposure toVenezuela, ranging from household products maker Kimberly-ClarkCorp to oil services company Schlumberger NV.Venezuelan bonds were Christmas Nike Lebron up on Friday after the release of theexchange rate, as devaluations tend to reduce the cost ofimports and free up more hard currency to pay debt.The benchmark Global 2027 was up 0.603 pointsto a price of 41.570 and a yield of 24.261 percent.Economists believe the benefits of devaluing are mutedbecause the new Christmas Nike Lebron Simadi system will only receive a fraction ofthe dollars that the government sells, with the vast majoritybeing sold at preferential rates.Essentially, those who cannot get dollars at the other tworates will try to get the Simadi rate of 170. We remain skeptical about the impact this three-tiered FXsystem will have on an Christmas Nike Lebron already stagflationary economy, wroteUBS economists in a research note. We believe that Simadi will,at most, remain a rather marginal FX allocation system. Venezuela's bonds are trading at distressed levels onconcerns that the rout in oil prices could prompt a default, andon average pay 26 percentage points more than comparable U.S.Treasury bills. Maduro Christmas Nike Lebron dismisses default talk as ill-intentionedrumor mongering.Unlike previous devaluations, when Venezuelans crowdedelectronics shops to pick up appliances before prices rose,lines were scant on Friday because low inventories have leftshelves largely bare. The last televisions we sold arrived in November and weregone the same day, said a salesman at one popular electronicsshop, who asked Christmas Nike Lebron not to be named. If they come at the blackmarket rate, I think people would buy them no matter the price. Other Venezuelans worried that inflation, already the worstin the Americas at an officially estimated 64 percent last year,would spike even further. Everything's going to carry on beingtough, said a 38-year-old woman, Christmas Nike Lebron who gave her name only asJosefina, in a Caracas shopping line of about 100 people.Opposition leaders complained that Maduro had disguised thedevaluation, which came via an Excel sheet on the central bank'sweb site, and sought to distract Venezuelans by simultaneouslydenouncing a coup plot in the air force. (Editing by Andrew Cawthorne and Christmas Nike Lebron Jeffrey Benkoe) .

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