two points, 1)if it went from 4.3 to 8.6, that would be 100% devaluation meaning it 2to1 2)it devalued 32% as compared to the US dollar, not itself... it devalued 46% against itself“VENEZUELA DEVALUES FROM 4.30 TO 6.30 BOLIVARS”
AP (via Drudge): “Venezuela devalues its currency by nearly half”
From the article: “And that, ladies and gents of Caracas, is how you just lost 46% of your purchasing power.”
And if you people want to know why my kids were able to KICK ASS in this country when it came to education, the above says it all. My kids weren’t anything special, but they could do basic math...which is about all that’s needed to get advanced, technical, degrees today (well, more is needed, but the competition still cannot figure out the above, so it’s a cake walk).
So let me answer the above. If your currency is at 4.3 Dingos to the dollar, and you devalue it by half, then it will trade at 8.6 Dingos to the dollar, NOT anything near 6.3 Dingos. It’s not even close...yet virtually NO ONE in the media can even do that calculation anymore - one wire service idiot blows it and everyone runs with it. Why? Because math is haaaaarrrrrddddd.
By the way, the referenced report actually does quote the correct answer further down, from Bloomberg, where they said it was 32% (not 46%, not ‘almost half’) - no wonder Bloomberg is doing so well.
two points, 1)if it went from 4.3 to 8.6, that would be 100% devaluation meaning it 2to1 2)it devalued 32% as compared to the US dollar, not itself... it devalued 46% against itself6.3 divide 4.3 = 1.46511 USD to Ven is then 46%.