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Christmas RayBan Occhiali Da Sole - Shortage-hit Venezuelans scratch heads over complex devaluationByReuters Published: 22:09 GMT, 13 February 2015 | Updated: 22:09 GMT, 13 February 2015 By Brian Ellsworth and Corina PonsCARACAS, Feb 13 (Reuters) - Venezuelans puzzled over theimpact of a complicated currency devaluation and fretted thatdire product shortages in the OPEC nation's recession-hiteconomy would not go Christmas RayBan Occhiali Da Sole away.President Nicolas Maduro's socialist government this weeklaunched a 70 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, saida man who gave his name only as Felix, and who Christmas RayBan Occhiali Da Sole said he was 83. This is not going to solve the problem, said Felix as hestood in a senior citizens' line with about 50 other people tobuy rice and coffee at a Caracas supermarket. We're going tokeep waiting in line to buy anything we need. The Simadi system on Friday posted an Christmas RayBan Occhiali Da Sole exchange rate of 174bolivars per dollar, but state officials insist most of thecountry's foreign exchange will be sold at two preferentialrates: 6.3 for essential goods such as food staples, and 12 forother sectors.The country's central bank administers dollars at those tworates, but importers complain that allocations are limited,often delayed and require overwhelming Christmas RayBan Occhiali Da Sole paperwork.Dollars on the black market fetch 190 bolivars.The two preferential exchange rates of 6.3 and 12 can helpkeep prices down for food and medicine, but businessesconsistently struggle to obtain dollars at the rate, which meansthey cannot bring in raw materials or machine parts.As a result, there are shortages of basic consumption goodsranging Christmas RayBan Occhiali Da Sole from chicken to laundry detergent, leading to occasionalscuffles for scarce products.The scarcities and lines have contributed to a dip inMaduro's approval rating - to 22 percent according to onepollster - and give opponents hope of wresting control ofparliament from the ruling Socialist Party in a vote later thisyear.Maduro says the country is Christmas RayBan Occhiali Da Sole a victim of an economic war, and argues that Venezuelans today are generally better off andbetter fed 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 Christmas RayBan Occhiali Da Sole services company Schlumberger NV.Venezuelan bonds were 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 pointto a price of 41.570 and a yield of 24.261 percent.Economists believe the benefits Christmas RayBan Occhiali Da Sole of devaluing are mutedbecause the new Simadi system will receive only a fraction ofthe dollars that the government sells, with the vast majoritybeing sold at preferential rates.Essentially, those who cannot obtain dollars at the othertwo rates will try to get the Simadi rate. We remain skeptical about the impact this three-tiered FXsystem Christmas RayBan Occhiali Da Sole will have on an 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 Christmas RayBan Occhiali Da Sole comparable U.S.Treasury bills. Maduro 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 Christmas RayBan Occhiali Da Sole popular electronicsshop, who asked 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, Christmas RayBan Occhiali Da Sole said a 38-year-old woman, 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'swebsite, and sought to distract Venezuelans by simultaneouslydenouncing a coup plot in the air force. (Additional reporting Christmas RayBan Occhiali Da Sole by Desiy Buitrago; editing by AndrewCawthorne, Jeffrey Benkoe and Matthew Lewis) .

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