The Venezuelan government officially floated the Venezuelan bolivar (Bs) in February 2002. Within weeks, its...
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The Venezuelan government officially floated the Venezuelan bolivar (Bs) in February 2002. Within weeks, its value had moved for pre-float fix of Bs782/$ to Bs1,027/$. The Venezuelan political and economic crisis deepened in late 2002 and early 2003. On January 1, 2003, the bolivar trading at Bs1,399/$. By February 1, its value had fallen to Bs1,952/$. Many currency analysts and forecasters were predicting that the bolivar would fall an additional 40% from its February 1 value by early summer 2003.
a. What was the percentage change in January? (Round to two decimal places)
b. What is the forecast value for June 2003? (Round to the nearest Bolivar)
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