Venezuela's Bolivar Weakens To VEF8 Against Dollar

[naaman fletcher]

CARACAS (Dow Jones)--Venezuela's bolivar continued plunging to record lows, breaching Thursday the VEF8 per dollar level in the unregulated market for the first time since President Hugo Chavez imposed currency controls in 2003.

The unregulated currency market, an essential economic cog in Venezuela, is being rattled by rumors that the government is preparing to step up its oversight. Two traders confirmed that agents of the National Securities Commission (CNV), part of the Finance Ministry, visited their firms in recent days to examine their books. Officials at the CNV weren't immediately available for comment.

http://online.wsj.com/article/BT-CO-20100506-717776.html?mod=WSJ_latestheadlines

[protocol rv]

1. whoops

Kiss spare parts for vehicles good bye if they keep this up.