The Traderszone Network

Published in TZ Latest News 1 February, 2015 by The TZ Newswire Staff

U.S. companies face billions in Venezuela currency losses, Reuters analysis shows

The official rate is at 6.3 bolivars to the dollar and there are two other rates in the government system – known as SICAD 1 and SICAD 2 – at about 12 and 50. Diaper and tissue maker Kimberly-Clark Corp (KMB.N) recently announced a charge of $462 million for its Venezuelan business, leading to a fourth-quarter loss for the company, after it concluded that the appropriate exchange rate was the SICAD 2 exchange rate at 50 rather than the 6.3 it had previously used.