bolivars

But the government insists in paying in bolivars, Venezuela's currency.

Hugo Chávez orders seizure of British company's land for Venezuelan state

Venezuela's currency was devalued twice last year, sending the bolivar to 4.3 a dollar from 2.15 bolivars a dollar.

Venezuela Roils Multinationals

Dr. Douglas León Natera of the Venezuelan Medical Federation (FMV) told El Universal on June 16 that doctors earn a mere 2,600 bolivars (roughly $325 at the market exchange rate) monthly, and that even though hospitals have become targets of the country's rising crime, the government has failed to provide protection for health-care staff.

Venezuela's Docs Flee—So Does Chávez

I suppose the connection is that Hugo throws a few bolivars their direction every now and then just to piss the Colombian government off.

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It is difficult for foreign companies operating in Venezuela to repatriate profits and other income in bolivars because of foreign currency controls in the South American country.

Hugo Chávez orders seizure of British company's land for Venezuelan state

But President Hugo Ch vez surprised many, perhaps including some within his government, when he said May 20 that the top end of the band shouldn't surpass the official fixed rate of 4.3 bolivars for $1.

Venezuela's Currency Plan Still a Mystery

Analysts say keeping the new band below the 4.3 bolivars rate would be virtually impossible, especially given that most consumer prices have already been adjusted to reflect the unregulated market's recent rate of 8 bolivars for $1.

Venezuela's Currency Plan Still a Mystery

The 4.3 bolivars rate and another official rate of 2.6 bolivars are given to importers that get preapproval from the government.

Venezuela's Currency Plan Still a Mystery

With a lack of dollars, the local bolivar currency is sinking, hitting another record low of 8.05 bolivars for $1 on Friday, down 26% from where it began the year.

Chavez Promises Action on Inflation

The unregulated market was trading at around 8 bolivars for $1 when it was shut down May 18, and some officials have suggested the new band would have a range of 5 bolivars to 7 bolivars for $1.

Venezuela's Currency Plan Still a Mystery