Implied Exchange Rate Sharply down

June 11, 2004

Don’t fully understand this, but this come from a report from a Venezuelan stockbrockerage firm: “The CANTV ADR implied FX rate fell sharply to Bs. 2.600 (see chart). The precipitous decline is attributed to various factors, including US bond sales to pay for Bolivar leverage, a more expeditious CADIVI and the decline in International Reserves. “

– YFGB

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