Week 3

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Chapter 5

Mini Case

The Venezuelan Bolivar Black Market1

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Mini-Case: Venezuelan Bolivar Black Market

It’s not clear whether Mr. Chávez understands what a massive hit Venezuelans take when savings and earnings in dollar terms are cut in half in just three years. Perhaps the political-science student believes that more devalued bolivars makes everyone richer. But one unavoidable conclusion is that he recognized the devaluation as a way to pay for his Bolivarian “missions,” government projects that might restore his popularity long enough to allow him to survive the recall, or survive an audacious decision to squelch it.

-- “Money Fun in the Venezuela of Hugo Chávez,” The Wall Street Journal , February 13, 2004, p. A13.

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Venezuelan Bolivar

"Rumor has it that during the year and a half that Venezuelan President Hugo Chávez spent in jail for his role in a 1992 coup attempt against the government, he was a voracious reader. Too bad his prison syllabus seems to have been so skimpy on economics and so heavy on Machiavelli."

“Money Fun in the Venezuela of Hugo Chávez,”

The Economist, February 13, 2004.

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The Venezuelan Bolivar Black Market

It's late afternoon on March 10th, 2004, and Santiago opens the window of his office in Caracas, Venezuela. Immediately he is hit with the sounds rising from the plaza-cars honking, pro-testers banging their pots and pans, street vendors hawking their goods. Since the imposition of a new set of economic policies by President Hugo Chávez in 2002, such sights and sounds had become a fixture of city life in Caracas. Santiago sighed as he yearned for the simplicity of life in the old Caracas.

Santiago's once-thriving pharmaceutical distribution business had hit hard times.

Since capital controls were implemented in February of 2003, dollars had been hard to come by. He had been forced to pursue various methods-methods that were more expensive and not always legal-to obtain dollars, causing his margins to decrease by 50%. Adding to the strain, the Venezuelan currency, the bolivar (Bs), had been recently devalued (repeatedly).

This had instantly squeezed his margins as his costs had risen directly with the exchange rate. He could not find anyone to sell him dollars. His customers needed supplies and they needed them quickly, but how was he going to come up with the $30,000-the hard currency-to pay for his most recent order?

Political Chaos

Hugo Chávez's tenure as President of Venezuela had been tumultuous at best since his election in 1998. After repeated recalls, resignations, coups, and re-appointments, the political turmoil had taken its toll on the Venezuelan economy as a whole, and its currency in particular.

The short-lived success of the anti-Chávez coup in 2001, and his nearly immediate return to office, had set the stage for a retrenchment of his isolationist economic and financial policies.

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The Venezuelan Bolivar Black Market

On January 21st, 2003, the bolivar closed at a record low-Bs1853/$. The next day President Hugo Chávez suspended the sale of dollars for two weeks. Nearly instantaneously, an unofficial or black market for the exchange of Venezuelan bolivars for foreign currencies (primarily U.S. dollars) sprouted.

As investors of all kinds sought ways to exit the Venezuelan market, or simply obtain the hard-currency needed to continue to conduct their businesses (as was the case for Santiago), the escalating capital flight caused the black market value of the bolivar to plummet to Bs2500/$ in weeks. As markets collapsed and exchange values fell, the Venezuelan inflation rate soared to more than 30% per annum.

Capital Controls and CADIVI

To combat the downward pressures on the bolivar, the Venezuelan government announced on February 5th, 2003, the passage of the 2003 Exchange Regulations Decree. The Decree took the following actions:

Set the official exchange rate at Bs1596/$ for purchase (bid) and Bs1600/$ for sale (offer);

Established the Comisin de Administracin de Divisas (CADIVI) to control the distribution of foreign exchange; and

Implemented strict price controls to stem inflation triggered by the weaker bolivar and the exchange control-induced contraction of imports.

CADIVI was both the official means and the cheapest means by which Venezuelan citizens could obtain foreign currency. In order to receive an authorization from CADIVI to obtain dollars, an applicant was required to complete a series of forms. The applicant was then required to prove proof of business and asset ownership.

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Exhibit A Official and Gray Market Exchange Rates for the Venezuelan Bolivar

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The Venezuelan Bolivar Black Market

Unofficially, however, there was an additional unstated requirement for permission to obtain foreign currency: authorizations would be reserved for Chávez supporters. In August 2003 an anti-Chávez petition had gained widespread circulation. One million signatures had been collected. Although the government ruled that the petition was invalid, it had used the list of sig-natures to create a database of names and social security numbers that CADIVI utilized to cross-check identities on hard currency requests. President Chávez was quoted as saying "Not one more dollar for the putschits; the bolivars belong to the people."

Santiago's Alternatives

Santiago had little luck obtaining dollars via CADIVI to pay for his imports. Because he had signed the petition calling for President Chávez's removal, he had been listed in the CADIVI database as anti-Chávez, and now could not obtain permission to exchange bolivar for dollars.

The transaction in question was an invoice for $30,000 in pharmaceutical products from his U.S.-based supplier. Santiago intended to resell these products to a large Venezuelan customer who would distribute the products.

This transaction was not the first time that Santiago had been forced to search out alternative sources for meeting his U.S. dollar-obligations. Since the imposition of capital controls, his search for dollars had become a weekly activity for Santiago. In addition to the official process – through CADIVI – he could also obtain dollars through the gray or black markets.

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The Gray Market: CANTV Shares

In May 2003, three months following the implementation of the exchange controls, a window of opportunity had opened up for Venezuelans-an opportunity that allowed investors in the Caracas stock exchange to avoid the tight foreign exchange curbs.

This loophole circumvented the government-imposed restrictions by allowing investors to purchase local shares of the leading telecommunications company CANTV on the Caracas' bourse, and to then convert those shares into dollar-denominated American Depositary Receipts (ADRs) traded on the NYSE.

The sponsor for CANTV ADRs on the NYSE was the Bank of New York, the leader in ADR sponsorship and management in the U.S. The Bank of New York had suspended trading in CANTV ADRs in February after the passage of the Decree, wishing to determine the legality of trading under the new Venezuelan currency controls.

On May 26th, after concluding that trading was indeed legal under the Decree, trading resumed in CANTV shares. CANTV's share price and trading volume both soared in the following week.

The share price of CANTV quickly became the primary method of calculating the implicit gray market exchange rate. For example, CANTV shares closed at Bs7945/share on the Caracas bourse on February 6, 2004. That same day, CANTV ADRs closed in New York at $18.84/ADR. Each New York ADR was equal to seven shares of CANTV in Caracas. The implied gray market exchange rate was then calculated as follows:

The official exchange rate on that same day was Bs1598/$. This meant that the gray market rate was quoting the bolivar about 46% weaker against the dollar than what the Venezuelan government officially declared its currency to be worth.

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The Black Market

A third method of obtaining hard currency by Venezuelans was through the rapidly expanding black market. The black market was, as is the case with black markets all over the world, essentially unseen and illegal. It was, however, quite sophisticated, using the services of a stockbroker or banker in Venezuela who simultaneously held U.S. dollar accounts offshore. The choice of a black market broker was a critical one; in the event of a failure to complete the transaction properly there was no legal recourse.

If Santiago wished to purchase dollars on the black market, he would deposit bolivars in his broker's account in Venezuela. The agreed upon black market exchange rate was determined on the day of the deposit, and usually was within a 20% band of the gray market rate derived from the CANTV share price.

Santiago would then be given access to a dollar-denominated bank account outside of Venezuela in the agreed amount. The transaction took, on average, two business days to settle. The unofficial black market rate was Bs3300/$.

In early 2004 President Chávez had asked Venezuela's Central Bank to give him "a little billion"-millardito-of its $21 billion in foreign exchange reserves. Chávez argued that the money was actually the people's, and he wished to invest some of it in the agricultural sector.

The Central Bank refused. Not to be thwarted in its search for funds, the Chávez government announced on February 9, 2004, another devaluation. The bolivar was devalued 17%, falling in official value from Bs1600/$ to Bs1920/$ (see Exhibit A). With all Venezuelan exports of oil being purchased in U.S. dollars, the devaluation of the bolivar meant that the -country's -proceeds from oil exports grew by the same 17% as the devaluation itself.

The Chávez government argued that the devaluation was necessary because the bolivar was "a variable that cannot be kept frozen, because it prejudices exports and pressures the balance of payments" according to Finance Minister Tobias Nobriega.

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The Black Market

Analysts, however, pointed out that Venezuelan government actually had significant control over its balance of payments: oil was the primary export, the government maintained control over the official access to hard currency necessary for imports, and the Central Bank's foreign exchange reserves were now over $21 billion.

It's not clear whether Mr. Chávez understands what a massive hit Venezuelans take when savings and earnings in dollar terms are cut in half in just three years. Perhaps the political-science student believes that more devalued bolivars makes everyone richer. But one unavoidable conclusion is that he recognized the devaluation as a way to pay for his Bolivarian "missions," government projects that might restore his popularity long enough to allow him to survive the recall, or survive an audacious decision to squelch it.

-"Money Fun in the Venezuela of Hugo Chávez," Wall Street Journal (eastern edition), February 13, 2004, p. A13.

Time Was Running Out. Santiago received confirmation from CADIVI on the afternoon of March 10th that his latest application for dollars was approved and that he would receive $10,000 at the official exchange rate of Bs1920/$. Santiago attributed his good fortune to the fact that he paid a CADIVI insider an extra 500 bolivars per dollar to expedite his request. Santiago noted with a smile that "the Chávistas need to make money too."

The noise from the street seemed to be dying with the sun. It was time for Santiago to make some decisions. None of the alternatives were bonita, but if he was to preserve his business, bolivars-at some price-had to be obtained.

Post Script. Although President Chávez died in 2013, and the Venezuelan bolivar has been devalued repeatedly and renamed the bolivar fuerte since the time of this case, it remains a currency that is overvalued by its government and restricted in its exchange, and therefore continues to lead a double life – officially and unofficially.

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Venezuelan Bolivar: Case Questions

Why does a country like Venezuela impose capital controls?

In the case of Venezuela, what is the difference between the gray market and the black market?

Create a financial analysis of Santiago’s choices and use it to make a recommend a solution to his problem.

© 2016 Pearson Education, Inc. All rights reserved.

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Venezuelan Bolivar: Case Questions

Why does a country like Venezuela impose capital controls?

Capital controls allow a country to preserve a fixed rate of exchange for its currency without risking its holdings of hard currency or foreign currency reserves. The problem, however, is that this control or preservation comes at a substantial cost, as many investors will no longer be willing to invest the same levels of funds in that country, if at all.

Capital controls allow a country, whether Venezuela, Malaysia, or China, to control the level and flow of capital flowing in and out of the country. Because few countries have a problem with too much capital flowing in, but rather with capital out flows – capital flight – capital controls are typically utilized to prohibit massive capital outflows following unfavorable or crises in political or economic events

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Venezuelan Bolivar: Case Questions

In the case of Venezuela, what is the difference between the gray market and the black market?

The black market is the easier to define: the trading of currency through unlicensed or unrecognized organizations or institutions, which by definition in these countries is illegal.

The gray market is the use of a legal process to achieve what is generally considered inconsistent with government desires or policy goals.

Although by definition not illegal, gray market trading is often considered inappropriate and may be politically dangerous by the participants.

© 2016 Pearson Education, Inc. All rights reserved.

5-‹#›

Venezuelan Bolivar: Case Questions

Create a financial analysis of Santiago’s choices and use it to make a recommend a solution to his problem.

© 2016 Pearson Education, Inc. All rights reserved.

5-‹#›

Venezuelan Bolivar

Item ValueRate (Bs/$) Bolviars

Funds needed $30,000

CADIVI approval $10,000 1,920

500

2,420 24,200,000

Remaining Funds Needed: $20,000

Alternatives:

1. Gray Market $20,000 3,400 68,000,000

2. Black Market $20,000 4,080 81,600,000

(gray + 20%)

3. Vebonos Bonds $20,000 2,973 59,460,000

The solution criteria is to find the "best" effective exchange rate for obtaining the $30,000. The

CADIVI rate, if available for the first $10,000, is the first step. The reamining funds needed,

$20,000, is obtained at the lowest possible cost via the Vebonos Bonds, where the exchange rate of

Bs2973/$ is the cheapest solution.

Solution

Venezuelan Bolivar
Item Value Rate (Bs/$) Bolviars
Funds needed $30,000
CADIVI approval $10,000 1,920
500
2,420 24,200,000
Remaining Funds Needed: $20,000
Alternatives:
1. Gray Market $20,000 3,400 68,000,000
2. Black Market $20,000 4,080 81,600,000
(gray + 20%)
3. Vebonos Bonds $20,000 2,973 59,460,000
The solution criteria is to find the "best" effective exchange rate for obtaining the $30,000. The CADIVI rate, if available for the first $10,000, is the first step. The reamining funds needed, $20,000, is obtained at the lowest possible cost via the Veb

Original

Date US price of VNT Price of TDV.D Implicit rate Official rate
4-Jan-02 15 1700 793 4-Jan-02 Fri 760.35
11-Jan-02 15.25 1625 746 11-Jan-02 Fri 761.66
18-Jan-02 15.68 1700 759 18-Jan-02 Fri 763.1
25-Jan-02 15.82 1720 761 25-Jan-02 Fri 763.49
1-Feb-02 15.9 1750 770 1-Feb-02 Fri 767.34
8-Feb-02 13.99 1675 838 8-Feb-02 Fri 794.33
15-Feb-02 15.92 2050 901 15-Feb-02 Fri 905.63
22-Feb-02 15.3 2350 1075 22-Feb-02 Fri 1070.72
1-Mar-02 15.86 2260 997 1-Mar-02 Fri 1000.75
8-Mar-02 14.2 1900 937 8-Mar-02 Fri 935.46
15-Mar-02 13.69 1800 920 15-Mar-02 Fri 922.51
22-Mar-02 13.49 1700 882 22-Mar-02 Fri 890.79
29-Mar-02 13.8 1705 865 29-Mar-02 920.57
5-Apr-02 13.8 1715.25 870 5-Apr-02 Fri 905.52
12-Apr-02 19.2 2106 768 12-Apr-02 Fri 850.46
19-Apr-02 14 1750 875 19-Apr-02 Fri 841.49
26-Apr-02 14.6 1705 817 26-Apr-02 Fri 840.43
3-May-02 14.55 1700 818 3-May-02 Fri 886.57
10-May-02 14.8 1925 910 10-May-02 Fri 955.58
17-May-02 16.55 2300 973 17-May-02 Fri 1001.56
24-May-02 17.3 2410 975 24-May-02 Fri 1002.48
31-May-02 16.12 2500 1086 31-May-02 Fri 1125.65
7-Jun-02 15.7 2535 1130 7-Jun-02 Fri 1150.38
14-Jun-02 15.45 2585 1171 14-Jun-02 Fri 1192.31
21-Jun-02 13.85 2500 1264 21-Jun-02 Fri 1270.22
28-Jun-02 14.23 2630 1294 28-Jun-02 Fri 1349.96
5-Jul-02 13.44 2400 1250 5-Jul-02 Fri 1285.99
12-Jul-02 13.85 2500 1264 12-Jul-02 Fri 1288.05
19-Jul-02 13.4 2475 1293 19-Jul-02 Fri 1272.54
26-Jul-02 12.2 2210 1268 26-Jul-02 Fri 1319.88
2-Aug-02 12.67 2345 1296 2-Aug-02 Fri 1345.93
9-Aug-02 10.86 2200 1418 9-Aug-02 Fri 1360.12
16-Aug-02 11.48 2200 1341 16-Aug-02 Fri 1367.31
23-Aug-02 11.65 2265 1361 23-Aug-02 Fri 1401.62
30-Aug-02 11 2150 1368 30-Aug-02 Fri 1412.05
6-Sep-02 11.6 2300 1388 6-Sep-02 Fri 1442.25
13-Sep-02 11.37 2375 1462 13-Sep-02 Fri 1464.17
20-Sep-02 10.72 2230 1456 20-Sep-02 Fri 1467.35
27-Sep-02 10.53 2150 1429 27-Sep-02 Fri 1471.74
4-Oct-02 10.41 2250 1513 4-Oct-02 Fri 1488.52
11-Oct-02 11.6 2400 1448 11-Oct-02 Fri 1482.09
18-Oct-02 11.9 2325 1368 18-Oct-02 Fri 1413.76
25-Oct-02 11.95 2350 1377 25-Oct-02 Fri 1433.94
1-Nov-02 12.05 2425 1409 1-Nov-02 Fri 1425.07
8-Nov-02 11.91 2306 1355 8-Nov-02 Fri 1371.08
15-Nov-02 12.05 2300 1336 15-Nov-02 Fri 1351.54
22-Nov-02 12.93 2410 1305 22-Nov-02 Fri 1331.26
29-Nov-02 13.08 2465 1319 29-Nov-02 Fri 1325.49
6-Dec-02 13.55 2465 1273 6-Dec-02 Fri 1316.82
13-Dec-02 14.18 2465 1217 13-Dec-02 Fri 1296.92
20-Dec-02 13.74 2465 1256 20-Dec-02 Fri 1331.39
27-Dec-02 14.15 2465 1219 27-Dec-02 Fri 1385.51
3-Jan-03 12.88 2465 1340 3-Jan-03 Fri 1406.19
10-Jan-03 11.8 2465 1462 10-Jan-03 Fri 1491.82
17-Jan-03 12 2465 1438 17-Jan-03 Fri 1779.14
24-Jan-03 10.9 2465 1583 24-Jan-03 Fri 1921.85
31-Jan-03 10.28 2650 1804 31-Jan-03 Fri 1920.85
7-Feb-03 9.7 2425 1750 7-Feb-03 Fri 1920.59
14-Feb-03 9.45 2290 1696 14-Feb-03 Fri 1598.73
21-Feb-03 10.08 2401 1667 21-Feb-03 Fri 1598.09
28-Feb-03 10.13 2360 1631 28-Feb-03 Fri 1597.31
7-Mar-03 9.84 2300 1636 7-Mar-03 Fri 1597.16
14-Mar-03 9.7 2500 1804 14-Mar-03 Fri 1597.2
21-Mar-03 9.43 2400 1782 21-Mar-03 Fri 1597.75
28-Mar-03 8.96 2329 1820 28-Mar-03 Fri 1597.17
4-Apr-03 9.31 2426 1824 4-Apr-03 Fri 1598.16
11-Apr-03 8.7 2300 1851 11-Apr-03 Fri 1598.68
18-Apr-03 9.61 2280 1661 18-Apr-03 1598.24
25-Apr-03 9.75 2300 1651 25-Apr-03 Fri 1598.68
2-May-03 10.56 2420 1604 2-May-03 Fri 1598.1
9-May-03 10.5 2400 1600 9-May-03 Fri 1597.13
16-May-03 10.45 2630 1762 16-May-03 Fri 1598.48
23-May-03 10.84 3100 2002 23-May-03 Fri 1598.02
30-May-03 12.73 4050 2227 30-May-03 Fri 1597.67
6-Jun-03 12.32 4225 2401 6-Jun-03 Fri 1598.59
13-Jun-03 12.94 4515 2442 13-Jun-03 Fri 1598.2
20-Jun-03 13 4750 2558 20-Jun-03 Fri 1597.18
27-Jun-03 12.75 4715 2589 27-Jun-03 Fri 1598.22
4-Jul-03 12.59 4700 2613 4-Jul-03 Fri 1598.22
11-Jul-03 12.25 4949 2828 11-Jul-03 Fri 1598.26
18-Jul-03 12.04 4815 2799 18-Jul-03 Fri 1598.41
25-Jul-03 12.5 4302 2409 25-Jul-03 Fri 1598.61
1-Aug-03 12.62 4530 2513 1-Aug-03 Fri 1597.71 2363
8-Aug-03 12.71 4500 2478 8-Aug-03 Fri 1598.05
15-Aug-03 12.7 4712.5 2597 15-Aug-03 Fri 1598.15
22-Aug-03 12.85 4700 2560 22-Aug-03 Fri 1598.53
29-Aug-03 13.23 4719 2497 29-Aug-03 Fri 1597.57
5-Sep-03 14.18 5060 2498 5-Sep-03 Fri 1598.02
12-Sep-03 14.11 5000 2481 12-Sep-03 Fri 1597.89 2381
19-Sep-03 14.1 5010 2487 19-Sep-03 Fri 1598.1
26-Sep-03 13.65 4900 2513 26-Sep-03 Fri 1597.41
3-Oct-03 14.1 5030 2497 3-Oct-03 Fri 1597.39
10-Oct-03 14.59 5200 2495 10-Oct-03 Fri 1598.66
17-Oct-03 14.18 5300 2616 17-Oct-03 Fri 1597.57
24-Oct-03 14.5 5360 2588 24-Oct-03 Fri 1597.67
31-Oct-03 14.96 5800 2714 31-Oct-03 Fri 1597.69
7-Nov-03 16.43 6080 2590 7-Nov-03 Fri 1598.67
14-Nov-03 15.87 5630 2483 14-Nov-03 Fri 1597.79
21-Nov-03 15.25 5700 2616 21-Nov-03 Fri 1597.92 2436
28-Nov-03 15.9 5836 2569 28-Nov-03 Fri 1597.66
5-Dec-03 16.62 6405 2698 5-Dec-03 Fri 1598.65
12-Dec-03 15.1 6550 3036 12-Dec-03 Fri 1597.82
19-Dec-03 14.93 6000 2813 19-Dec-03 Fri 1598.69
26-Dec-03 15.08 6300 2924 26-Dec-03 1598.41
2-Jan-04 15.6 6325 2838 2-Jan-04 Fri 1598.52
9-Jan-04 16.97 7005 2890 9-Jan-04 Fri 1598.49 2810
16-Jan-04 17.37 7652 3084 16-Jan-04 Fri 1598.28
23-Jan-04 19.1 8120 2976 23-Jan-04 Fri 1597.93
30-Jan-04 18.28 7906 3027 30-Jan-04 Fri 1598.07
6-Feb-04 18.84 7945 2952 6-Feb-04 Fri 1597.47 3000
13-Feb-04 18.55 8000 3019 13-Feb-04 Fri 1916.92
20-Feb-04 18.5 8400 3178 20-Feb-04 Fri 1917.26 3100
27-Feb-04 18.53 8600 3249 27-Feb-04 Fri 1917.17 3300
5-Mar-04 19 9300 3426 5-Mar-04 Fri 1916.57 3226
12-Mar-04 18.2 8851 3404 12-Mar-04 Fri 1918.94 3500
19-Mar-04 18.47 8650 3278 19-Mar-04 Fri 1917.86

Original

2362.6782884311 760.35 793.3333333333
37841 761.66 745.9016393443
37848 763.1 758.9285714286
37855 763.49 761.0619469027
37862 767.34 770.4402515723
37869 794.33 838.0986418871
2380.5102763997 905.63 901.3819095477
37883 1070.72 1075.1633986928
37890 1000.75 997.4779319042
37897 935.46 936.6197183099
37904 922.51 920.3798392988
37911 890.79 882.1349147517
37918 920.57 864.8550724638
37925 905.52 870.0543478261
37932 850.46 767.8125
37939 841.49 875
2436.3934426229 840.43 817.4657534247
37953 886.57 817.8694158076
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37967 1001.56 972.8096676737
37974 1002.48 975.1445086705
37981 1125.65 1085.6079404466
37988 1150.38 1130.2547770701
2809.510901591 1192.31 1171.1974110032
38002 1270.22 1263.5379061372
38009 1349.96 1293.7456078707
38016 1285.99 1250
38023 1288.05 1263.5379061372
38030 1272.54 1292.9104477612
38037 1319.88 1268.0327868853
38044 1345.93 1295.5801104972
3226.3157894737 1360.12 1418.0478821363
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1442.25 1387.9310344828
1464.17 1462.18117854
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1413.76 1367.6470588235
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1371.08 1355.3316540722
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1316.82 1273.4317343173
1296.92 1216.8547249647
1331.39 1255.8224163028
1385.51 1219.4346289753
1406.19 1339.6739130435
1491.82 1462.2881355932
1779.14 1437.9166666667
1921.85 1583.0275229358
1920.85 1804.4747081712
1920.59 1750
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1598.68 1850.5747126437
1598.24 1660.7700312175
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1598.1 1604.1666666667
1597.13 1600
1598.48 1761.7224880383
1598.02 2001.8450184502
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1598.61 2409.12
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1598.41 2924.4031830239
1598.52 2838.141025641
1598.49 2889.510901591
1598.28 3083.7075417386
1597.93 2975.9162303665
1598.07 3027.4617067834
1597.47 2951.9639065817
1916.92 3018.8679245283
1917.26 3178.3783783784
1917.17 3248.7857528332
1916.57 3426.3157894737
1918.94 3404.2307692308
1917.86 3278.2891174878
Bond issue annoucement day
Official rate
Implicit rate
Official and "Implied" Foreign Exchange Rate

Official

Date Official rate
4-Jan-02 760.35
11-Jan-02 761.66
18-Jan-02 763.1
25-Jan-02 763.49
1-Feb-02 767.34
8-Feb-02 794.33
15-Feb-02 905.63
22-Feb-02 1070.72
1-Mar-02 1000.75
8-Mar-02 935.46
15-Mar-02 922.51
22-Mar-02 890.79
29-Mar-02 920.57
5-Apr-02 905.52
12-Apr-02 850.46
19-Apr-02 841.49
26-Apr-02 840.43
3-May-02 886.57
10-May-02 955.58
17-May-02 1001.56
24-May-02 1002.48
31-May-02 1125.65
7-Jun-02 1150.38
14-Jun-02 1192.31
21-Jun-02 1270.22
28-Jun-02 1349.96
5-Jul-02 1285.99
12-Jul-02 1288.05
19-Jul-02 1272.54
26-Jul-02 1319.88
2-Aug-02 1345.93
9-Aug-02 1360.12
16-Aug-02 1367.31
23-Aug-02 1401.62
30-Aug-02 1412.05
6-Sep-02 1442.25
13-Sep-02 1464.17
20-Sep-02 1467.35
27-Sep-02 1471.74
4-Oct-02 1488.52
11-Oct-02 1482.09
18-Oct-02 1413.76
25-Oct-02 1433.94
1-Nov-02 1425.07
8-Nov-02 1371.08
15-Nov-02 1351.54
22-Nov-02 1331.26
29-Nov-02 1325.49
6-Dec-02 1316.82
13-Dec-02 1296.92
20-Dec-02 1331.39
27-Dec-02 1385.51
3-Jan-03 1406.19
10-Jan-03 1491.82
17-Jan-03 1779.14
24-Jan-03 1921.85
31-Jan-03 1920.85
7-Feb-03 1920.59
14-Feb-03 1598.73
21-Feb-03 1598.09
28-Feb-03 1597.31
7-Mar-03 1597.16
14-Mar-03 1597.2
21-Mar-03 1597.75
28-Mar-03 1597.17
4-Apr-03 1598.16
11-Apr-03 1598.68
18-Apr-03 1598.24
25-Apr-03 1598.68
2-May-03 1598.1
9-May-03 1597.13
16-May-03 1598.48
23-May-03 1598.02
30-May-03 1597.67
6-Jun-03 1598.59
13-Jun-03 1598.2
20-Jun-03 1597.18
27-Jun-03 1598.22
4-Jul-03 1598.22
11-Jul-03 1598.26
18-Jul-03 1598.41
25-Jul-03 1598.61
1-Aug-03 1597.71
8-Aug-03 1598.05
15-Aug-03 1598.15
22-Aug-03 1598.53
29-Aug-03 1597.57
5-Sep-03 1598.02
12-Sep-03 1597.89
19-Sep-03 1598.1
26-Sep-03 1597.41
3-Oct-03 1597.39
10-Oct-03 1598.66
17-Oct-03 1597.57
24-Oct-03 1597.67
31-Oct-03 1597.69
7-Nov-03 1598.67
14-Nov-03 1597.79
21-Nov-03 1597.92
28-Nov-03 1597.66
5-Dec-03 1598.65
12-Dec-03 1597.82
19-Dec-03 1598.69
26-Dec-03 1598.41
2-Jan-04 1598.52
9-Jan-04 1598.49
16-Jan-04 1598.28
23-Jan-04 1597.93
30-Jan-04 1598.07
6-Feb-04 1597.47
13-Feb-04 1916.92
20-Feb-04 1917.26
27-Feb-04 1917.17
5-Mar-04 1916.57
12-Mar-04 1918.94
19-Mar-04 1917.86

Official

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Graph1

4-Jan-02 11-Jan-02 18-Jan-02 25-Jan-02 1-Feb-02 8-Feb-02 15-Feb-02 22-Feb-02 1-Mar-02 8-Mar-02 15-Mar-02 22-Mar-02 29-Mar-02 5-Apr-02 12-Apr-02 19-Apr-02 26-Apr-02 3-May-02 10-May-02 17-May-02 24-May-02 31-May-02 7-Jun-02 14-Jun-02 21-Jun-02 28-Jun-02 5-Jul-02 12-Jul-02 19-Jul-02 26-Jul-02 2-Aug-02 9-Aug-02 16-Aug-02 23-Aug-02 30-Aug-02 6-Sep-02 13-Sep-02 20-Sep-02 27-Sep-02 4-Oct-02 11-Oct-02 18-Oct-02 25-Oct-02 1-Nov-02 8-Nov-02 15-Nov-02 22-Nov-02 29-Nov-02 6-Dec-02 13-Dec-02 20-Dec-02 27-Dec-02 3-Jan-03 10-Jan-03 17-Jan-03 24-Jan-03 31-Jan-03 7-Feb-03 14-Feb-03 21-Feb-03 28-Feb-03 7-Mar-03 14-Mar-03 21-Mar-03 28-Mar-03 4-Apr-03 11-Apr-03 18-Apr-03 25-Apr-03 2-May-03 9-May-03 16-May-03 23-May-03 30-May-03 6-Jun-03 13-Jun-03 20-Jun-03 27-Jun-03 4-Jul-03 11-Jul-03 18-Jul-03 25-Jul-03 1-Aug-03 8-Aug-03 15-Aug-03 22-Aug-03 29-Aug-03 5-Sep-03 12-Sep-03 19-Sep-03 26-Sep-03 3-Oct-03 10-Oct-03 17-Oct-03 24-Oct-03 31-Oct-03 7-Nov-03 14-Nov-03 21-Nov-03 28-Nov-03 5-Dec-03 12-Dec-03 19-Dec-03 26-Dec-03 2-Jan-04 9-Jan-04 16-Jan-04 23-Jan-04 30-Jan-04 6-Feb-04 13-Feb-04 20-Feb-04 27-Feb-04 5-Mar-04 12-Mar-04 19-Mar-04
760.35 761.66 763.1 763.49 767.34 794.33 905.63 1070.72 1000.75 935.46 922.51 890.79 920.57 905.52 850.46 841.49 840.43 886.57 955.58 1001.56 1002.48 1125.65 1150.38 1192.31 1270.22 1349.96 1285.99 1288.05 1272.54 1319.88 1345.93 1360.12 1367.31 1401.62 1412.05 1442.25 1464.17 1467.35 1471.74 1488.52 1482.09 1413.76 1433.94 1425.07 1371.08 1351.54 1331.26 1325.49 1316.82 1296.92 1331.39 1385.51 1406.19 1491.82 1779.14 1921.85 1920.85 1920.59 1598.73 1598.09 1597.31 1597.16 1597.2 1597.75 1597.17 1598.16 1598.68 1598.24 1598.68 1598.1 1597.13 1598.48 1598.02 1597.67 1598.59 1598.2 1597.18 1598.22 1598.22 1598.26 1598.41 1598.61 1597.71 1598.05 1598.15 1598.53 1597.57 1598.02 1597.89 1598.1 1597.41 1597.39 1598.66 1597.57 1597.67 1597.69 1598.67 1597.79 1597.92 1597.66 1598.65 1597.82 1598.69 1598.41 1598.52 1598.49 1598.28 1597.93 1598.07 1597.47 1916.92 1917.26 1917.17 1916.57 1918.94 1917.86
Bolivar peaks at Bs1853/US$; temporary capital controls implemented
On February 5, 2003, the CADIVI is established to control currency distribution; the bolivar is officially reset to Bs1596-1600/US$ (bid-offer)
Bolivar is once again officially devalued, from Bs1598/US$ to Bs1917/US$

Reserves

Jan-01 Feb-01 Mar-01 Apr-01 May-01 Jun-01 Jul-01 Aug-01 Sep-01 Oct-01 Nov-01 Dec-01 Jan-02 Feb-02 Mar-02 Apr-02 May-02 Jun-02 Jul-02 Aug-02 Sep-02 Oct-02 Nov-02 Dec-02 Jan-03 Feb-03 Mar-03 Apr-03 May-03 Jun-03 Jul-03 Aug-03 Sep-03 Oct-03 Nov-03 Dec-03 Jan-04 Jan-04 Feb-04 Mar-04
17.90 16.00 14.80 14.00 13.75 13.90 12.80 12.30 12.60 12.80 12.50 11.00 11.79 10.54 9.77 9.46 9.96 9.89 10.62 11.50 11.24 11.65 12.34 12.38 11.37 11.24 11.81 13.50 14.32 14.88 17.29 17.29 17.29 18.79 20.01 19.80 20.63 21.59 21.91 22.61
Date Foreign Reserves
Jan-01 17.90
Feb-01 16.00
Mar-01 14.80
Apr-01 14.00
May-01 13.75
Jun-01 13.90
Jul-01 12.80
Aug-01 12.30
Sep-01 12.60
Oct-01 12.80
Nov-01 12.50
Dec-01 11.00
Jan-02 11.79
Feb-02 10.54
Mar-02 9.77
Apr-02 9.46
May-02 9.96
Jun-02 9.89
Jul-02 10.62
Aug-02 11.50
Sep-02 11.24
Oct-02 11.65
Nov-02 12.34
Dec-02 12.38
Jan-03 11.37
Feb-03 11.24
Mar-03 11.81
Apr-03 13.50
May-03 14.32
Jun-03 14.88
Jul-03 17.29
Aug-03 17.29
Sep-03 17.29
Oct-03 18.79
Nov-03 20.01
Dec-03 19.80
Jan-04 20.63
Jan-04 21.59
Feb-04 21.91
Mar-04 22.61

Yields

1/8/99 1/15/99 1/22/99 1/29/99 2/5/99 2/12/99 2/19/99 2/26/99 3/5/99 3/12/99 3/19/99 3/26/99 4/1/99 4/9/99 4/16/99 4/23/99 4/30/99 5/7/99 5/14/99 5/21/99 5/28/99 6/4/99 6/11/99 6/18/99 6/25/99 7/2/99 7/9/99 7/16/99 7/23/99 7/30/99 8/6/99 8/13/99 8/20/99 8/27/99 9/3/99 9/10/99 9/17/99 9/24/99 10/1/99 10/8/99 10/15/99 10/22/99 10/29/99 11/5/99 11/12/99 11/19/99 11/26/99 12/3/99 12/10/99 12/17/99 12/23/99 12/31/99 1/7/00 1/14/00 1/21/00 1/28/00 2/4/00 2/11/00 2/18/00 2/25/00 3/3/00 3/10/00 3/17/00 3/24/00 3/31/00 4/7/00 4/14/00 4/20/00 4/28/00 5/5/00 5/12/00 5/19/00 5/26/00 6/2/00 6/9/00 6/16/00 6/23/00 6/30/00 7/7/00 7/14/00 7/21/00 7/28/00 8/4/00 8/11/00 8/18/00 8/25/00 9/1/00 9/8/00 9/15/00 9/22/00 9/29/00 10/6/00 10/13/00 10/20/00 10/27/00 11/3/00 11/10/00 11/17/00 11/24/00 12/1/00 12/8/00 12/15/00 12/22/00 12/29/00 1/5/01 1/12/01 1/19/01 1/26/01 2/2/01 2/9/01 2/16/01 2/23/01 3/2/01 3/9/01 3/16/01 3/23/01 3/30/01 4/6/01 4/12/01 4/20/01 4/27/01 5/4/01 5/11/01 5/18/01 5/25/01 6/1/01 6/8/01 6/15/01 6/22/01 6/29/01 7/6/01 7/13/01 7/20/01 7/27/01 8/3/01 8/10/01 8/17/01 8/24/01 8/31/01 9/7/01 9/14/01 9/21/01 9/28/01 10/5/01 10/12/01 10/19/01 10/26/01 11/2/01 11/9/01 11/16/01 11/23/01 11/30/01 12/7/01 12/14/01 12/21/01 12/28/01
15.1770 16.6420 16.9400 16.3580 16.7930 16.2910 16.3630 16.4010 17.1050 15.9560 16.2270 16.2960 15.0660 15.4960 13.8610 13.3110 12.8540 12.7490 13.1710 14.4320 14.4880 14.1090 14.7710 13.6310 14.7150 14.2710 14.2180 14.6040 14.9740 14.8340 15.4390 14.9540 15.1950 15.0040 15.1990 14.5030 14.5020 14.1750 14.3350 14.3890 14.6110 14.1730 13.8610 13.8100 13.5810 13.7590 13.7700 14.3890 14.3670 14.3240 14.3900 14.0960 14.2830 14.2840 14.0720 14.5830 14.3300 14.2880 14.0980 13.9750 13.8220 13.6740 13.8230 14.0490 14.1860 14.2920 14.5670 14.5780 14.5890 15.8410 15.9070 15.6450 15.4860 14.3460 14.1850 14.1860 14.4020 14.2940 14.0820 13.9790 13.8770 14.0850 13.7480 13.6300 13.8820 13.8320 13.6830 13.4400 13.7850 13.9880 13.8550 13.7830 14.1440 14.5230 14.5230 14.2820 14.3580 14.1970 14.0910 14.1970 14.4690 14.7500 14.5250 14.6380 14.0940 14.0750 13.8690 13.7390 13.5420 13.3890 13.4190 13.6340 13.4030 13.2720 13.5690 13.8980 13.6470 13.4990 13.4220 13.6750 13.4890 13.3930 13.4700 13.3550 13.4220 13.5780 13.3000 13.3090 13.4050 13.5600 13.6690 14.1620 13.6910 13.8020 13.7530 13.6050 13.8060 13.8070 13.6290 13.7500 13.9640 13.8610 14.0670 14.2680 14.3860 14.1390 14.1710 14.3320 14.2240 14.6070 14.3540 14.3320 14.2790 14.4640 15.0370 14.8960
5.5260 5.3760 5.3210 5.3030 5.5580 5.6780 5.6420 5.7780 5.8550 5.7670 5.7670 5.8360 5.9150 5.6920 5.7870 5.8180 5.8950 6.0400 6.1010 5.9940 6.0500 6.1650 6.3660 6.2100 6.3880 6.1970 6.2050 6.0770 6.2170 6.2960 6.3700 6.3760 6.2850 6.2640 6.3280 6.3490 6.3610 6.2460 6.4570 6.4850 6.5430 6.6330 6.3950 6.2970 6.2660 6.3810 6.4550 6.4750 6.3700 6.6130 6.6960 6.6920 6.7010 6.8100 6.8230 6.5420 6.4000 6.4960 6.3460 6.3550 6.3010 6.3780 6.1950 6.2060 6.0600 5.9240 6.0460 6.0770 6.2060 6.4680 6.4840 6.4970 6.3300 6.2050 6.1470 6.1220 6.2850 6.1550 6.1310 6.1340 6.0320 6.0190 5.9380 5.9410 5.9030 5.8830 5.8670 5.9080 6.0890 6.0960 6.0580 6.0320 5.9920 5.9060 5.9180 6.0350 6.0230 5.9190 5.8240 5.7800 5.6750 5.5590 5.5140 5.5830 5.5200 5.7400 5.6590 5.7430 5.6010 5.5690 5.6690 5.6780 5.5610 5.5080 5.4360 5.4660 5.6300 5.6030 5.7760 5.9230 5.9340 5.7730 6.0260 5.9140 6.0190 5.8730 5.8920 5.8300 5.7150 5.8990 5.8980 5.7850 5.6860 5.6740 5.7010 5.6310 5.5400 5.5560 5.4750 5.4860 5.4480 5.6660 5.4960 5.4040 5.5180 5.4470 5.3460 5.1630 5.0740 5.5220 5.6300 5.5560 5.9000 5.8840 5.7650 5.8310
1/5/01 1/12/01 1/19/01 1/26/01 2/2/01 2/9/01 2/16/01 2/23/01 3/2/01 3/9/01 3/16/01 3/23/01 3/30/01 4/6/01 4/12/01 4/20/01 4/27/01 5/4/01 5/11/01 5/18/01 5/25/01 6/1/01 6/8/01 6/15/01 6/22/01 6/29/01 7/6/01 7/13/01 7/20/01 7/27/01 8/3/01 8/10/01 8/17/01 8/24/01 8/31/01 9/7/01 9/14/01 9/21/01 9/28/01 10/5/01 10/12/01 10/19/01 10/26/01 11/2/01 11/9/01 11/16/01 11/23/01 11/30/01 12/7/01 12/14/01 12/21/01 12/28/01 1/4/02 1/11/02 1/18/02 1/25/02 2/1/02 2/8/02 2/15/02 2/22/02 3/1/02 3/8/02 3/15/02 3/22/02 3/28/02 4/5/02 4/12/02 4/19/02 4/26/02 5/3/02 5/10/02 5/17/02 5/24/02 5/31/02 6/7/02 6/14/02 6/21/02 6/28/02 7/5/02 7/12/02 7/19/02 7/26/02 8/2/02 8/9/02 8/16/02 8/23/02 8/30/02 9/6/02 9/13/02 9/20/02 9/27/02 10/4/02 10/11/02 10/18/02 10/25/02 11/1/02 11/8/02 11/15/02 11/22/02 11/29/02 12/6/02 12/13/02 12/20/02 12/27/02 1/3/03 1/10/03 1/17/03 1/24/03 1/31/03 2/7/03 2/14/03 2/21/03 2/28/03 3/7/03 3/14/03 3/21/03 3/28/03 4/4/03 4/11/03 4/17/03 4/25/03 5/2/03 5/9/03 5/16/03 5/23/03 5/30/03 6/6/03 6/13/03 6/20/03 6/27/03 7/3/03 7/11/03 7/18/03 7/25/03 8/1/03 8/8/03 8/15/03 8/22/03 8/29/03 9/5/03 9/12/03 9/19/03 9/26/03 10/3/03 10/10/03 10/17/03 10/24/03 10/31/03 11/7/03 11/14/03 11/21/03 11/28/03 12/5/03 12/12/03 12/19/03 12/26/03 1/2/04 1/9/04 1/16/04 1/23/04 1/30/04 2/6/04 2/13/04 2/20/04 2/27/04 3/5/04 3/12/04 3/19/04 3/26/04 4/2/04 4/8/04 4/16/04 4/23/04
14.0940 14.0750 13.8690 13.7390 13.5420 13.3890 13.4190 13.6340 13.4030 13.2720 13.5690 13.8980 13.6470 13.4990 13.4220 13.6750 13.4890 13.3930 13.4700 13.3550 13.4220 13.5780 13.3000 13.3090 13.4050 13.5600 13.6690 14.1620 13.6910 13.8020 13.7530 13.6050 13.8060 13.8070 13.6290 13.7500 13.9640 13.8610 14.0670 14.2680 14.3860 14.1390 14.1710 14.3320 14.2240 14.6070 14.3540 14.3320 14.2790 14.4640 15.0370 14.8960 14.5550 14.8400 14.9230 15.1980 15.5580 15.8960 14.6190 14.4210 14.0490 13.8760 13.5760 13.8040 13.6940 13.8750 12.2390 13.4300 13.4680 13.2680 13.3340 13.2410 13.3920 13.6940 14.0820 14.0310 15.0890 14.5480 15.0910 14.9150 14.9390 15.0350 14.6890 14.3580 14.1450 13.8370 13.6380 13.5420 13.6900 13.9940 14.0870 13.9620 13.6390 13.7580 13.5310 13.5800 13.6150 13.5420 13.1810 13.1860 13.0710 13.5430 13.8170 13.9190 14.6450 15.1690 15.4150 15.4540 14.8550 14.9960 15.4710 15.2640 15.3520 15.1840 14.7270 15.0050 15.5530 15.1230 15.0510 14.2200 14.6690 14.4360 14.0830 13.7550 13.3850 13.1780 12.6430 12.2660 12.5580 12.8630 12.6630 12.6460 12.3930 12.4190 12.7360 12.8430 12.6950 12.3320 12.3670 12.3180 12.2940 12.1080 12.0840 12.1480 11.7940 11.8330 11.8020 11.6130 11.5170 11.3650 11.3360 11.2940 10.6100 10.4510 10.2350 10.2660 10.2350 9.8970 10.3590 10.3290 10.5300 10.3920 10.5190 10.9800 11.2030 10.9690 10.6890 10.4770 10.4580 10.7150 10.5210 10.9140 11.0510
5.5200 5.7400 5.6590 5.7430 5.6010 5.5690 5.6690 5.6780 5.5610 5.5080 5.4360 5.4660 5.6300 5.6030 5.7760 5.9230 5.9340 5.7730 6.0260 5.9140 6.0190 5.8730 5.8920 5.8300 5.7150 5.8990 5.8980 5.7850 5.6860 5.6740 5.7010 5.6310 5.5400 5.5560 5.4750 5.4860 5.4480 5.6660 5.4960 5.4040 5.5180 5.4470 5.3460 5.1630 5.0740 5.5220 5.6300 5.5560 5.9000 5.8840 5.7650 5.8310 5.8600 5.6110 5.6060 5.7330 5.6440 5.6230 5.6030 5.5770 5.7100 5.9520 5.9910 6.0340 6.0370 5.8540 5.8370 5.8720 5.7550 5.7240 5.7820 5.9310 5.8410 5.7890 5.8240 5.5900 5.5790 5.6900 5.7030 5.5140 5.5310 5.4870 5.3600 5.2950 5.2770 5.2020 5.1290 5.0650 4.9420 4.8970 4.8580 4.8860 4.9830 5.2610 5.2500 5.1670 4.9530 5.0940 5.1860 5.2330 5.1540 5.1110 5.0620 4.9390 5.1240 5.2250 5.0860 4.9950 5.0070 4.9520 5.0290 4.9800 4.7920 4.7680 4.8250 5.1630 5.0280 5.0690 5.0580 4.9990 4.9290 4.9290 4.7580 4.5110 4.3390 4.4450 4.4630 4.2280 4.5170 4.6630 4.7330 4.7350 4.9890 5.1910 5.4490 5.3470 5.5330 5.3920 5.3560 5.3390 5.2740 5.1700 5.0450 5.2090 5.2720 5.3650 5.2030 5.2470 5.3680 5.1610 5.1060 5.2440 5.1440 5.1850 5.0570 5.0640 5.2840 5.0490 4.9630 5.0230 5.0530 5.0090 4.9900 5.0220 4.9160 4.7900 4.7450 4.7590 4.8230 5.0560 5.1230 5.2710 5.3350
Date Vz Debt Yield US Treasury
9/19/97 9.7030 6.3730
9/26/97 9.7240 6.3650
10/3/97 9.5340 6.3090
10/10/97 9.7510 6.4350
10/17/97 9.7780 6.4400
10/24/97 10.1240 6.2900
10/31/97 11.3160 6.1450
11/7/97 11.2330 6.1890
11/14/97 11.3370 6.1330
11/21/97 10.5780 6.0830
11/28/97 10.5780 6.0830
12/5/97 10.1860 6.1210
12/12/97 10.9300 5.9900
12/19/97 11.0030 5.9600
12/26/97 10.6540 5.9540
1/2/98 10.3700 5.8990
1/9/98 10.8660 5.7560
1/16/98 10.9840 5.8470
1/23/98 11.1670 6.0190
1/30/98 10.6000 5.8460
2/6/98 10.3790 5.9550
2/13/98 10.4890 5.8860
2/20/98 10.5510 5.8990
2/27/98 10.5000 5.9460
3/6/98 10.4300 6.0470
3/13/98 10.3160 5.9090
3/20/98 10.2210 5.9070
3/27/98 10.1390 5.9810
4/3/98 10.4900 5.8080
4/9/98 10.3250 5.9060
4/17/98 10.5080 5.9040
4/24/98 10.5510 5.9780
5/1/98 10.4340 5.9760
5/8/98 10.7270 6.0120
5/15/98 10.7390 6.0150
5/22/98 10.9010 5.9540
5/29/98 11.1010 5.8570
6/5/98 10.9140 5.8400
6/12/98 11.3710 5.7070
6/19/98 11.4850 5.7400
6/26/98 12.0100 5.6930
7/2/98 12.2890 5.6590
7/10/98 13.0190 5.6780
7/17/98 12.3560 5.7980
7/24/98 13.0930 5.7280
7/31/98 14.0000 5.7640
8/7/98 15.8040 5.6660
8/14/98 15.8060 5.6340
8/21/98 20.8590 5.5730
8/28/98 23.0330 5.4780
9/4/98 23.7700 5.4040
9/11/98 23.3280 5.3560
9/18/98 21.0980 5.3100
9/25/98 17.2480 5.2980
10/2/98 16.0090 5.0360
10/9/98 14.5900 5.4090
10/16/98 14.5900 5.2340
10/23/98 15.6110 5.3920
10/30/98 15.6760 5.3330
11/6/98 14.8170 5.5790
11/13/98 16.1760 5.4300
11/20/98 15.6750 5.4120
11/27/98 16.4210 5.3810
12/4/98 16.7840 5.2980
12/11/98 16.7850 5.2880
12/18/98 16.0750 5.2730
12/24/98 16.0080 5.4940
12/31/98 15.2980 5.3510
1/8/99 15.1770 5.5260
1/15/99 16.6420 5.3760
1/22/99 16.9400 5.3210
1/29/99 16.3580 5.3030
2/5/99 16.7930 5.5580
2/12/99 16.2910 5.6780
2/19/99 16.3630 5.6420
2/26/99 16.4010 5.7780
3/5/99 17.1050 5.8550
3/12/99 15.9560 5.7670
3/19/99 16.2270 5.7670
3/26/99 16.2960 5.8360
4/1/99 15.0660 5.9150
4/9/99 15.4960 5.6920
4/16/99 13.8610 5.7870
4/23/99 13.3110 5.8180
4/30/99 12.8540 5.8950
5/7/99 12.7490 6.0400
5/14/99 13.1710 6.1010
5/21/99 14.4320 5.9940
5/28/99 14.4880 6.0500
6/4/99 14.1090 6.1650
6/11/99 14.7710 6.3660
6/18/99 13.6310 6.2100
6/25/99 14.7150 6.3880
7/2/99 14.2710 6.1970
7/9/99 14.2180 6.2050
7/16/99 14.6040 6.0770
7/23/99 14.9740 6.2170
7/30/99 14.8340 6.2960
8/6/99 15.4390 6.3700
8/13/99 14.9540 6.3760
8/20/99 15.1950 6.2850
8/27/99 15.0040 6.2640
9/3/99 15.1990 6.3280
9/10/99 14.5030 6.3490
9/17/99 14.5020 6.3610
9/24/99 14.1750 6.2460
10/1/99 14.3350 6.4570
10/8/99 14.3890 6.4850
10/15/99 14.6110 6.5430
10/22/99 14.1730 6.6330
10/29/99 13.8610 6.3950
11/5/99 13.8100 6.2970
11/12/99 13.5810 6.2660
11/19/99 13.7590 6.3810
11/26/99 13.7700 6.4550
12/3/99 14.3890 6.4750
12/10/99 14.3670 6.3700
12/17/99 14.3240 6.6130
12/23/99 14.3900 6.6960
12/31/99 14.0960 6.6920
1/7/00 14.2830 6.7010
1/14/00 14.2840 6.8100
1/21/00 14.0720 6.8230
1/28/00 14.5830 6.5420
2/4/00 14.3300 6.4000
2/11/00 14.2880 6.4960
2/18/00 14.0980 6.3460
2/25/00 13.9750 6.3550
3/3/00 13.8220 6.3010
3/10/00 13.6740 6.3780
3/17/00 13.8230 6.1950
3/24/00 14.0490 6.2060
3/31/00 14.1860 6.0600
4/7/00 14.2920 5.9240
4/14/00 14.5670 6.0460
4/20/00 14.5780 6.0770
4/28/00 14.5890 6.2060
5/5/00 15.8410 6.4680
5/12/00 15.9070 6.4840
5/19/00 15.6450 6.4970
5/26/00 15.4860 6.3300
6/2/00 14.3460 6.2050
6/9/00 14.1850 6.1470
6/16/00 14.1860 6.1220
6/23/00 14.4020 6.2850
6/30/00 14.2940 6.1550
7/7/00 14.0820 6.1310
7/14/00 13.9790 6.1340
7/21/00 13.8770 6.0320
7/28/00 14.0850 6.0190
8/4/00 13.7480 5.9380
8/11/00 13.6300 5.9410
8/18/00 13.8820 5.9030
8/25/00 13.8320 5.8830
9/1/00 13.6830 5.8670
9/8/00 13.4400 5.9080
9/15/00 13.7850 6.0890
9/22/00 13.9880 6.0960
9/29/00 13.8550 6.0580
10/6/00 13.7830 6.0320
10/13/00 14.1440 5.9920
10/20/00 14.5230 5.9060
10/27/00 14.5230 5.9180
11/3/00 14.2820 6.0350
11/10/00 14.3580 6.0230
11/17/00 14.1970 5.9190
11/24/00 14.0910 5.8240
12/1/00 14.1970 5.7800
12/8/00 14.4690 5.6750
12/15/00 14.7500 5.5590
12/22/00 14.5250 5.5140
12/29/00 14.6380 5.5830
1/5/01 14.0940 5.5200
1/12/01 14.0750 5.7400
1/19/01 13.8690 5.6590
1/26/01 13.7390 5.7430
2/2/01 13.5420 5.6010
2/9/01 13.3890 5.5690
2/16/01 13.4190 5.6690
2/23/01 13.6340 5.6780
3/2/01 13.4030 5.5610
3/9/01 13.2720 5.5080
3/16/01 13.5690 5.4360
3/23/01 13.8980 5.4660
3/30/01 13.6470 5.6300
4/6/01 13.4990 5.6030
4/12/01 13.4220 5.7760
4/20/01 13.6750 5.9230
4/27/01 13.4890 5.9340
5/4/01 13.3930 5.7730
5/11/01 13.4700 6.0260
5/18/01 13.3550 5.9140
5/25/01 13.4220 6.0190
6/1/01 13.5780 5.8730
6/8/01 13.3000 5.8920
6/15/01 13.3090 5.8300
6/22/01 13.4050 5.7150
6/29/01 13.5600 5.8990
7/6/01 13.6690 5.8980
7/13/01 14.1620 5.7850
7/20/01 13.6910 5.6860
7/27/01 13.8020 5.6740
8/3/01 13.7530 5.7010
8/10/01 13.6050 5.6310
8/17/01 13.8060 5.5400
8/24/01 13.8070 5.5560
8/31/01 13.6290 5.4750
9/7/01 13.7500 5.4860
9/14/01 13.9640 5.4480
9/21/01 13.8610 5.6660
9/28/01 14.0670 5.4960
10/5/01 14.2680 5.4040
10/12/01 14.3860 5.5180
10/19/01 14.1390 5.4470
10/26/01 14.1710 5.3460
11/2/01 14.3320 5.1630
11/9/01 14.2240 5.0740
11/16/01 14.6070 5.5220
11/23/01 14.3540 5.6300
11/30/01 14.3320 5.5560
12/7/01 14.2790 5.9000
12/14/01 14.4640 5.8840
12/21/01 15.0370 5.7650
12/28/01 14.8960 5.8310
1/4/02 14.5550 5.8600
1/11/02 14.8400 5.6110
1/18/02 14.9230 5.6060
1/25/02 15.1980 5.7330
2/1/02 15.5580 5.6440
2/8/02 15.8960 5.6230
2/15/02 14.6190 5.6030
2/22/02 14.4210 5.5770
3/1/02 14.0490 5.7100
3/8/02 13.8760 5.9520
3/15/02 13.5760 5.9910
3/22/02 13.8040 6.0340
3/28/02 13.6940 6.0370
4/5/02 13.8750 5.8540
4/12/02 12.2390 5.8370
4/19/02 13.4300 5.8720
4/26/02 13.4680 5.7550
5/3/02 13.2680 5.7240
5/10/02 13.3340 5.7820
5/17/02 13.2410 5.9310
5/24/02 13.3920 5.8410
5/31/02 13.6940 5.7890
6/7/02 14.0820 5.8240
6/14/02 14.0310 5.5900
6/21/02 15.0890 5.5790
6/28/02 14.5480 5.6900
7/5/02 15.0910 5.7030
7/12/02 14.9150 5.5140
7/19/02 14.9390 5.5310
7/26/02 15.0350 5.4870
8/2/02 14.6890 5.3600
8/9/02 14.3580 5.2950
8/16/02 14.1450 5.2770
8/23/02 13.8370 5.2020
8/30/02 13.6380 5.1290
9/6/02 13.5420 5.0650
9/13/02 13.6900 4.9420
9/20/02 13.9940 4.8970
9/27/02 14.0870 4.8580
10/4/02 13.9620 4.8860
10/11/02 13.6390 4.9830
10/18/02 13.7580 5.2610
10/25/02 13.5310 5.2500
11/1/02 13.5800 5.1670
11/8/02 13.6150 4.9530
11/15/02 13.5420 5.0940
11/22/02 13.1810 5.1860
11/29/02 13.1860 5.2330
12/6/02 13.0710 5.1540
12/13/02 13.5430 5.1110
12/20/02 13.8170 5.0620
12/27/02 13.9190 4.9390
1/3/03 14.6450 5.1240
1/10/03 15.1690 5.2250
1/17/03 15.4150 5.0860
1/24/03 15.4540 4.9950
1/31/03 14.8550 5.0070
2/7/03 14.9960 4.9520
2/14/03 15.4710 5.0290
2/21/03 15.2640 4.9800
2/28/03 15.3520 4.7920
3/7/03 15.1840 4.7680
3/14/03 14.7270 4.8250
3/21/03 15.0050 5.1630
3/28/03 15.5530 5.0280
4/4/03 15.1230 5.0690
4/11/03 15.0510 5.0580
4/17/03 14.2200 4.9990
4/25/03 14.6690 4.9290
5/2/03 14.4360 4.9290
5/9/03 14.0830 4.7580
5/16/03 13.7550 4.5110
5/23/03 13.3850 4.3390
5/30/03 13.1780 4.4450
6/6/03 12.6430 4.4630
6/13/03 12.2660 4.2280
6/20/03 12.5580 4.5170
6/27/03 12.8630 4.6630
7/3/03 12.6630 4.7330
7/11/03 12.6460 4.7350
7/18/03 12.3930 4.9890
7/25/03 12.4190 5.1910
8/1/03 12.7360 5.4490
8/8/03 12.8430 5.3470
8/15/03 12.6950 5.5330
8/22/03 12.3320 5.3920
8/29/03 12.3670 5.3560
9/5/03 12.3180 5.3390
9/12/03 12.2940 5.2740
9/19/03 12.1080 5.1700
9/26/03 12.0840 5.0450
10/3/03 12.1480 5.2090
10/10/03 11.7940 5.2720
10/17/03 11.8330 5.3650
10/24/03 11.8020 5.2030
10/31/03 11.6130 5.2470
11/7/03 11.5170 5.3680
11/14/03 11.3650 5.1610
11/21/03 11.3360 5.1060
11/28/03 11.2940 5.2440
12/5/03 10.6100 5.1440
12/12/03 10.4510 5.1850
12/19/03 10.2350 5.0570
12/26/03 10.2660 5.0640
1/2/04 10.2350 5.2840
1/9/04 9.8970 5.0490
1/16/04 10.3590 4.9630
1/23/04 10.3290 5.0230
1/30/04 10.5300 5.0530
2/6/04 10.3920 5.0090
2/13/04 10.5190 4.9900
2/20/04 10.9800 5.0220
2/27/04 11.2030 4.9160
3/5/04 10.9690 4.7900
3/12/04 10.6890 4.7450
3/19/04 10.4770 4.7590
3/26/04 10.4580 4.8230
4/2/04 10.7150 5.0560
4/8/04 10.5210 5.1230
4/16/04 10.9140 5.2710
4/23/04 11.0510 5.3350

Yields

0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
Exhibit 2. US and Venezuelan Dollar-Denominated Government Yields

Yields2

1/2/98 1/30/98 2/27/98 3/27/98 4/24/98 5/22/98 6/19/98 7/17/98 8/14/98 9/11/98 10/9/98 11/6/98 12/4/98 12/31/98 1/29/99 2/26/99 3/26/99 4/23/99 5/21/99 6/18/99 7/16/99 8/13/99 9/10/99 10/8/99 11/5/99 12/3/99 12/31/99 1/28/00 2/25/00 3/24/00 4/20/00 5/19/00 6/16/00 7/14/00 8/11/00 9/8/00 10/6/00 11/3/00 12/1/00 12/29/00 1/26/01 2/23/01 3/23/01 4/20/01 5/18/01 6/15/01 7/13/01 8/10/01 9/7/01 9/14/01 10/12/01 11/9/01 12/7/01 1/4/02 2/1/02 3/1/02 3/28/02 4/26/02 5/24/02 6/21/02 7/19/02 8/16/02 9/13/02 10/11/02 11/8/02 12/6/02 1/3/03 1/31/03 2/28/03 3/28/03 4/25/03 5/23/03 6/20/03 7/18/03 8/15/03 9/12/03 10/10/03 11/7/03 12/5/03 1/2/04 1/30/04 2/27/04 3/26/04 4/23/04
10.3700 10.6000 10.5000 10.1390 10.5510 10.9010 11.4850 12.3560 15.8060 23.3280 14.5900 14.8170 16.7840 15.2980 16.3580 16.4010 16.2960 13.3110 14.4320 13.6310 14.6040 14.9540 14.5030 14.3890 13.8100 14.3890 14.0960 14.5830 13.9750 14.0490 14.5780 15.6450 14.1860 13.9790 13.6300 13.4400 13.7830 14.2820 14.1970 14.6380 13.7390 13.6340 13.8980 13.6750 13.3550 13.3090 14.1620 13.6050 13.7500 13.9640 14.3860 14.2240 14.2790 14.5550 15.5580 14.0490 13.6940 13.4680 13.3920 15.0890 14.9390 14.1450 13.6900 13.6390 13.6150 13.0710 14.6450 14.8550 15.3520 15.5530 14.6690 13.3850 12.5580 12.3930 12.6950 12.2940 11.7940 11.5170 10.6100 10.2350 10.5300 11.2030 10.4580 11.0510
5.8990 5.8460 5.9460 5.9810 5.9780 5.9540 5.7400 5.7980 5.6340 5.3560 5.4090 5.5790 5.2980 5.3510 5.3030 5.7780 5.8360 5.8180 5.9940 6.2100 6.0770 6.3760 6.3490 6.4850 6.2970 6.4750 6.6920 6.5420 6.3550 6.2060 6.0770 6.4970 6.1220 6.1340 5.9410 5.9080 6.0320 6.0350 5.7800 5.5830 5.7430 5.6780 5.4660 5.9230 5.9140 5.8300 5.7850 5.6310 5.4860 5.4480 5.5180 5.0740 5.9000 5.8600 5.6440 5.7100 6.0370 5.7550 5.8410 5.5790 5.5310 5.2770 4.9420 4.9830 4.9530 5.1540 5.1240 5.0070 4.7920 5.0280 4.9290 4.3390 4.5170 4.9890 5.5330 5.2740 5.2720 5.3680 5.1440 5.2840 5.0530 4.9160 4.8230 5.3350
Date Vz Debt Yield US Treasury
1/2/98 10.3700 5.8990
1/30/98 10.6000 5.8460
2/27/98 10.5000 5.9460
3/27/98 10.1390 5.9810
4/24/98 10.5510 5.9780
5/22/98 10.9010 5.9540
6/19/98 11.4850 5.7400
7/17/98 12.3560 5.7980
8/14/98 15.8060 5.6340
9/11/98 23.3280 5.3560
10/9/98 14.5900 5.4090
11/6/98 14.8170 5.5790
12/4/98 16.7840 5.2980
12/31/98 15.2980 5.3510
1/29/99 16.3580 5.3030
2/26/99 16.4010 5.7780
3/26/99 16.2960 5.8360
4/23/99 13.3110 5.8180
5/21/99 14.4320 5.9940
6/18/99 13.6310 6.2100
7/16/99 14.6040 6.0770
8/13/99 14.9540 6.3760
9/10/99 14.5030 6.3490
10/8/99 14.3890 6.4850
11/5/99 13.8100 6.2970
12/3/99 14.3890 6.4750
12/31/99 14.0960 6.6920
1/28/00 14.5830 6.5420
2/25/00 13.9750 6.3550
3/24/00 14.0490 6.2060
4/20/00 14.5780 6.0770
5/19/00 15.6450 6.4970
6/16/00 14.1860 6.1220
7/14/00 13.9790 6.1340
8/11/00 13.6300 5.9410
9/8/00 13.4400 5.9080
10/6/00 13.7830 6.0320
11/3/00 14.2820 6.0350
12/1/00 14.1970 5.7800
12/29/00 14.6380 5.5830
1/26/01 13.7390 5.7430
2/23/01 13.6340 5.6780
3/23/01 13.8980 5.4660
4/20/01 13.6750 5.9230
5/18/01 13.3550 5.9140
6/15/01 13.3090 5.8300
7/13/01 14.1620 5.7850
8/10/01 13.6050 5.6310
9/7/01 13.7500 5.4860
9/14/01 13.9640 5.4480
10/12/01 14.3860 5.5180
11/9/01 14.2240 5.0740
12/7/01 14.2790 5.9000
1/4/02 14.5550 5.8600
2/1/02 15.5580 5.6440
3/1/02 14.0490 5.7100
3/28/02 13.6940 6.0370
4/26/02 13.4680 5.7550
5/24/02 13.3920 5.8410
6/21/02 15.0890 5.5790
7/19/02 14.9390 5.5310
8/16/02 14.1450 5.2770
9/13/02 13.6900 4.9420
10/11/02 13.6390 4.9830
11/8/02 13.6150 4.9530
12/6/02 13.0710 5.1540
1/3/03 14.6450 5.1240
1/31/03 14.8550 5.0070
2/28/03 15.3520 4.7920
3/28/03 15.5530 5.0280
4/25/03 14.6690 4.9290
5/23/03 13.3850 4.3390
6/20/03 12.5580 4.5170
7/18/03 12.3930 4.9890
8/15/03 12.6950 5.5330
9/12/03 12.2940 5.2740
10/10/03 11.7940 5.2720
11/7/03 11.5170 5.3680
12/5/03 10.6100 5.1440
1/2/04 10.2350 5.2840
1/30/04 10.5300 5.0530
2/27/04 11.2030 4.9160
3/26/04 10.4580 4.8230
4/23/04 11.0510 5.3350
US Treasury Yield
Venezuelan Government Debt Yield

Sheet2

4-Jan-02 11-Jan-02 18-Jan-02 25-Jan-02 1-Feb-02 8-Feb-02 15-Feb-02 22-Feb-02 1-Mar-02 8-Mar-02 15-Mar-02 22-Mar-02 29-Mar-02 5-Apr-02 12-Apr-02 19-Apr-02 26-Apr-02 3-May-02 10-May-02 17-May-02 24-May-02 31-May-02 7-Jun-02 14-Jun-02 21-Jun-02 28-Jun-02 5-Jul-02 12-Jul-02 19-Jul-02 26-Jul-02 2-Aug-02 9-Aug-02 16-Aug-02 23-Aug-02 30-Aug-02 6-Sep-02 13-Sep-02 20-Sep-02 27-Sep-02 4-Oct-02 11-Oct-02 18-Oct-02 25-Oct-02 1-Nov-02 8-Nov-02 15-Nov-02 22-Nov-02 29-Nov-02 6-Dec-02 13-Dec-02 20-Dec-02 27-Dec-02 3-Jan-03 10-Jan-03 17-Jan-03 24-Jan-03 31-Jan-03 7-Feb-03 14-Feb-03 21-Feb-03 28-Feb-03 7-Mar-03 14-Mar-03 21-Mar-03 28-Mar-03 4-Apr-03 11-Apr-03 18-Apr-03 25-Apr-03 2-May-03 9-May-03 16-May-03 23-May-03 30-May-03 6-Jun-03 13-Jun-03 20-Jun-03 27-Jun-03 4-Jul-03 11-Jul-03 18-Jul-03 25-Jul-03 1-Aug-03 8-Aug-03 15-Aug-03 22-Aug-03 29-Aug-03 5-Sep-03 12-Sep-03 19-Sep-03 26-Sep-03 3-Oct-03 10-Oct-03 17-Oct-03 24-Oct-03 31-Oct-03 7-Nov-03 14-Nov-03 21-Nov-03 28-Nov-03 5-Dec-03 12-Dec-03 19-Dec-03 26-Dec-03 2-Jan-04 9-Jan-04 16-Jan-04 23-Jan-04 30-Jan-04 6-Feb-04 13-Feb-04 20-Feb-04 27-Feb-04 5-Mar-04 12-Mar-04 19-Mar-04
15 15.25 15.68 15.82 15.9 13.99 15.92 15.3 15.86 14.2 13.69 13.49 13.8 13.8 19.2 14 14.6 14.55 14.8 16.55 17.3 16.12 15.7 15.45 13.85 14.23 13.44 13.85 13.4 12.2 12.67 10.86 11.48 11.65 11 11.6 11.37 10.72 10.53 10.41 11.6 11.9 11.95 12.05 11.91 12.05 12.93 13.08 13.55 14.18 13.74 14.15 12.88 11.8 12 10.9 10.28 9.7 9.45 10.08 10.13 9.84 9.7 9.43 8.96 9.31 8.7 9.61 9.75 10.56 10.5 10.45 10.84 12.73 12.32 12.94 13 12.75 12.59 12.25 12.04 12.5 12.62 12.71 12.7 12.85 13.23 14.18 14.11 14.1 13.65 14.1 14.59 14.18 14.5 14.96 16.43 15.87 15.25 15.9 16.62 15.1 14.93 15.08 15.6 16.97 17.37 19.1 18.28 18.84 18.55 18.5 18.53 19 18.2 18.47
1700 1625 1700 1720 1750 1675 2050 2350 2260 1900 1800 1700 1705 1715.25 2106 1750 1705 1700 1925 2300 2410 2500 2535 2585 2500 2630 2400 2500 2475 2210 2345 2200 2200 2265 2150 2300 2375 2230 2150 2250 2400 2325 2350 2425 2306 2300 2410 2465 2465 2465 2465 2465 2465 2465 2465 2465 2650 2425 2290 2401 2360 2300 2500 2400 2329 2426 2300 2280 2300 2420 2400 2630 3100 4050 4225 4515 4750 4715 4700 4949 4815 4302 4530 4500 4712.5 4700 4719 5060 5000 5010 4900 5030 5200 5300 5360 5800 6080 5630 5700 5836 6405 6550 6000 6300 6325 7005 7652 8120 7906 7945 8000 8400 8600 9300 8851 8650
793 746 759 761 770 838 901 1075 997 937 920 882 865 870 768 875 817 818 910 973 975 1086 1130 1171 1264 1294 1250 1264 1293 1268 1296 1418 1341 1361 1368 1388 1462 1456 1429 1513 1448 1368 1377 1409 1355 1336 1305 1319 1273 1217 1256 1219 1340 1462 1438 1583 1804 1750 1696 1667 1631 1636 1804 1782 1820 1824 1851 1661 1651 1604 1600 1762 2002 2227 2401 2442 2558 2589 2613 2828 2799 2409 2513 2478 2597 2560 2497 2498 2481 2487 2513 2497 2495 2616 2588 2714 2590 2483 2616 2569 2698 3036 2813 2924 2838 2890 3084 2976 3027 2952 3019 3178 3249 3426 3404 3278
760.35 761.66 763.1 763.49 767.34 794.33 905.63 1070.72 1000.75 935.46 922.51 890.79 920.57 905.52 850.46 841.49 840.43 886.57 955.58 1001.56 1002.48 1125.65 1150.38 1192.31 1270.22 1349.96 1285.99 1288.05 1272.54 1319.88 1345.93 1360.12 1367.31 1401.62 1412.05 1442.25 1464.17 1467.35 1471.74 1488.52 1482.09 1413.76 1433.94 1425.07 1371.08 1351.54 1331.26 1325.49 1316.82 1296.92 1331.39 1385.51 1406.19 1491.82 1779.14 1921.85 1920.85 1920.59 1598.73 1598.09 1597.31 1597.16 1597.2 1597.75 1597.17 1598.16 1598.68 1598.24 1598.68 1598.1 1597.13 1598.48 1598.02 1597.67 1598.59 1598.2 1597.18 1598.22 1598.22 1598.26 1598.41 1598.61 1597.71 1598.05 1598.15 1598.53 1597.57 1598.02 1597.89 1598.1 1597.41 1597.39 1598.66 1597.57 1597.67 1597.69 1598.67 1597.79 1597.92 1597.66 1598.65 1597.82 1598.69 1598.41 1598.52 1598.49 1598.28 1597.93 1598.07 1597.47 1916.92 1917.26 1917.17 1916.57 1918.94 1917.86
4-Jan-02 11-Jan-02 18-Jan-02 25-Jan-02 1-Feb-02 8-Feb-02 15-Feb-02 22-Feb-02 1-Mar-02 8-Mar-02 15-Mar-02 22-Mar-02 29-Mar-02 5-Apr-02 12-Apr-02 19-Apr-02 26-Apr-02 3-May-02 10-May-02 17-May-02 24-May-02 31-May-02 7-Jun-02 14-Jun-02 21-Jun-02 28-Jun-02 5-Jul-02 12-Jul-02 19-Jul-02 26-Jul-02 2-Aug-02 9-Aug-02 16-Aug-02 23-Aug-02 30-Aug-02 6-Sep-02 13-Sep-02 20-Sep-02 27-Sep-02 4-Oct-02 11-Oct-02 18-Oct-02 25-Oct-02 1-Nov-02 8-Nov-02 15-Nov-02 22-Nov-02 29-Nov-02 6-Dec-02 13-Dec-02 20-Dec-02 27-Dec-02 3-Jan-03 10-Jan-03 17-Jan-03 24-Jan-03 31-Jan-03 7-Feb-03 14-Feb-03 21-Feb-03 28-Feb-03 7-Mar-03 14-Mar-03 21-Mar-03 28-Mar-03 4-Apr-03 11-Apr-03 18-Apr-03 25-Apr-03 2-May-03 9-May-03 16-May-03 23-May-03 30-May-03 6-Jun-03 13-Jun-03 20-Jun-03 27-Jun-03 4-Jul-03 11-Jul-03 18-Jul-03 25-Jul-03 1-Aug-03 8-Aug-03 15-Aug-03 22-Aug-03 29-Aug-03 5-Sep-03 12-Sep-03 19-Sep-03 26-Sep-03 3-Oct-03 10-Oct-03 17-Oct-03 24-Oct-03 31-Oct-03 7-Nov-03 14-Nov-03 21-Nov-03 28-Nov-03 5-Dec-03 12-Dec-03 19-Dec-03 26-Dec-03 2-Jan-04 9-Jan-04 16-Jan-04 23-Jan-04 30-Jan-04 6-Feb-04 13-Feb-04 20-Feb-04 27-Feb-04 5-Mar-04 12-Mar-04 19-Mar-04
793.33 745.90 758.93 761.06 770.44 838.10 901.38 1,075.16 997.48 936.62 920.38 882.13 864.86 870.05 767.81 875.00 817.47 817.87 910.47 972.81 975.14 1,085.61 1,130.25 1,171.20 1,263.54 1,293.75 1,250.00 1,263.54 1,292.91 1,268.03 1,295.58 1,418.05 1,341.46 1,360.94 1,368.18 1,387.93 1,462.18 1,456.16 1,429.25 1,512.97 1,448.28 1,367.65 1,376.57 1,408.71 1,355.33 1,336.10 1,304.72 1,319.19 1,273.43 1,216.85 1,255.82 1,219.43 1,339.67 1,462.29 1,437.92 1,583.03 1,804.47 1,750.00 1,696.30 1,667.36 1,630.80 1,636.18 1,804.12 1,781.55 1,819.53 1,824.06 1,850.57 1,660.77 1,651.28 1,604.17 1,600.00 1,761.72 2,001.85 2,227.02 2,400.57 2,442.43 2,557.69 2,588.63 2,613.19 2,828.00 2,799.42 2,409.12 2,512.68 2,478.36 2,597.44 2,560.31 2,496.83 2,497.88 2,480.51 2,487.23 2,512.82 2,497.16 2,494.86 2,616.36 2,587.59 2,713.90 2,590.38 2,483.30 2,616.39 2,569.31 2,697.65 3,036.42 2,813.13 2,924.40 2,838.14 2,889.51 3,083.71 2,975.92 3,027.46 2,951.96 3,018.87 3,178.38 3,248.79 3,426.32 3,404.23 3,278.29
760.35 761.66 763.10 763.49 767.34 794.33 905.63 1,070.72 1,000.75 935.46 922.51 890.79 920.57 905.52 850.46 841.49 840.43 886.57 955.58 1,001.56 1,002.48 1,125.65 1,150.38 1,192.31 1,270.22 1,349.96 1,285.99 1,288.05 1,272.54 1,319.88 1,345.93 1,360.12 1,367.31 1,401.62 1,412.05 1,442.25 1,464.17 1,467.35 1,471.74 1,488.52 1,482.09 1,413.76 1,433.94 1,425.07 1,371.08 1,351.54 1,331.26 1,325.49 1,316.82 1,296.92 1,331.39 1,385.51 1,406.19 1,491.82 1,779.14 1,921.85 1,920.85 1,920.59 1,598.73 1,598.09 1,597.31 1,597.16 1,597.20 1,597.75 1,597.17 1,598.16 1,598.68 1,598.24 1,598.68 1,598.10 1,597.13 1,598.48 1,598.02 1,597.67 1,598.59 1,598.20 1,597.18 1,598.22 1,598.22 1,598.26 1,598.41 1,598.61 1,597.71 1,598.05 1,598.15 1,598.53 1,597.57 1,598.02 1,597.89 1,598.10 1,597.41 1,597.39 1,598.66 1,597.57 1,597.67 1,597.69 1,598.67 1,597.79 1,597.92 1,597.66 1,598.65 1,597.82 1,598.69 1,598.41 1,598.52 1,598.49 1,598.28 1,597.93 1,598.07 1,597.47 1,916.92 1,917.26 1,917.17 1,916.57 1,918.94 1,917.86
Date US price of VNT Price of TDV.D Implicit rate Official rate
4-Jan-02 15 1700 793 760.35
11-Jan-02 15.25 1625 746 761.66
18-Jan-02 15.68 1700 759 763.1
25-Jan-02 15.82 1720 761 763.49
1-Feb-02 15.9 1750 770 767.34
8-Feb-02 13.99 1675 838 794.33
15-Feb-02 15.92 2050 901 905.63
22-Feb-02 15.3 2350 1075 1070.72
1-Mar-02 15.86 2260 997 1000.75
8-Mar-02 14.2 1900 937 935.46
15-Mar-02 13.69 1800 920 922.51
22-Mar-02 13.49 1700 882 890.79
29-Mar-02 13.8 1705 865 920.57
5-Apr-02 13.8 1715.25 870 905.52
12-Apr-02 19.2 2106 768 850.46
19-Apr-02 14 1750 875 841.49
26-Apr-02 14.6 1705 817 840.43
3-May-02 14.55 1700 818 886.57
10-May-02 14.8 1925 910 955.58
17-May-02 16.55 2300 973 1001.56
24-May-02 17.3 2410 975 1002.48
31-May-02 16.12 2500 1086 1125.65
7-Jun-02 15.7 2535 1130 1150.38
14-Jun-02 15.45 2585 1171 1192.31
21-Jun-02 13.85 2500 1264 1270.22
28-Jun-02 14.23 2630 1294 1349.96
5-Jul-02 13.44 2400 1250 1285.99
12-Jul-02 13.85 2500 1264 1288.05
19-Jul-02 13.4 2475 1293 1272.54
26-Jul-02 12.2 2210 1268 1319.88
2-Aug-02 12.67 2345 1296 1345.93
9-Aug-02 10.86 2200 1418 1360.12
16-Aug-02 11.48 2200 1341 1367.31
23-Aug-02 11.65 2265 1361 1401.62
30-Aug-02 11 2150 1368 1412.05
6-Sep-02 11.6 2300 1388 1442.25
13-Sep-02 11.37 2375 1462 1464.17
20-Sep-02 10.72 2230 1456 1467.35
27-Sep-02 10.53 2150 1429 1471.74
4-Oct-02 10.41 2250 1513 1488.52
11-Oct-02 11.6 2400 1448 1482.09
18-Oct-02 11.9 2325 1368 1413.76
25-Oct-02 11.95 2350 1377 1433.94
1-Nov-02 12.05 2425 1409 1425.07
8-Nov-02 11.91 2306 1355 1371.08
15-Nov-02 12.05 2300 1336 1351.54
22-Nov-02 12.93 2410 1305 1331.26
29-Nov-02 13.08 2465 1319 1325.49
6-Dec-02 13.55 2465 1273 1316.82
13-Dec-02 14.18 2465 1217 1296.92
20-Dec-02 13.74 2465 1256 1331.39
27-Dec-02 14.15 2465 1219 1385.51
3-Jan-03 12.88 2465 1340 1406.19
10-Jan-03 11.8 2465 1462 1491.82
17-Jan-03 12 2465 1438 1779.14
24-Jan-03 10.9 2465 1583 1921.85
31-Jan-03 10.28 2650 1804 1920.85
7-Feb-03 9.7 2425 1750 1920.59
14-Feb-03 9.45 2290 1696 1598.73
21-Feb-03 10.08 2401 1667 1598.09
28-Feb-03 10.13 2360 1631 1597.31
7-Mar-03 9.84 2300 1636 1597.16
14-Mar-03 9.7 2500 1804 1597.2
21-Mar-03 9.43 2400 1782 1597.75
28-Mar-03 8.96 2329 1820 1597.17
4-Apr-03 9.31 2426 1824 1598.16
11-Apr-03 8.7 2300 1851 1598.68
18-Apr-03 9.61 2280 1661 1598.24
25-Apr-03 9.75 2300 1651 1598.68
2-May-03 10.56 2420 1604 1598.1
9-May-03 10.5 2400 1600 1597.13
16-May-03 10.45 2630 1762 1598.48
23-May-03 10.84 3100 2002 1598.02
30-May-03 12.73 4050 2227 1597.67
6-Jun-03 12.32 4225 2401 1598.59
13-Jun-03 12.94 4515 2442 1598.2
20-Jun-03 13 4750 2558 1597.18
27-Jun-03 12.75 4715 2589 1598.22
4-Jul-03 12.59 4700 2613 1598.22
11-Jul-03 12.25 4949 2828 1598.26
18-Jul-03 12.04 4815 2799 1598.41
25-Jul-03 12.5 4302 2409 1598.61
1-Aug-03 12.62 4530 2513 1597.71 2363
8-Aug-03 12.71 4500 2478 1598.05
15-Aug-03 12.7 4712.5 2597 1598.15
22-Aug-03 12.85 4700 2560 1598.53
29-Aug-03 13.23 4719 2497 1597.57
5-Sep-03 14.18 5060 2498 1598.02
12-Sep-03 14.11 5000 2481 1597.89 2381
19-Sep-03 14.1 5010 2487 1598.1
26-Sep-03 13.65 4900 2513 1597.41
3-Oct-03 14.1 5030 2497 1597.39
10-Oct-03 14.59 5200 2495 1598.66
17-Oct-03 14.18 5300 2616 1597.57
24-Oct-03 14.5 5360 2588 1597.67
31-Oct-03 14.96 5800 2714 1597.69
7-Nov-03 16.43 6080 2590 1598.67
14-Nov-03 15.87 5630 2483 1597.79
21-Nov-03 15.25 5700 2616 1597.92 2436
28-Nov-03 15.9 5836 2569 1597.66
5-Dec-03 16.62 6405 2698 1598.65
12-Dec-03 15.1 6550 3036 1597.82
19-Dec-03 14.93 6000 2813 1598.69
26-Dec-03 15.08 6300 2924 1598.41
2-Jan-04 15.6 6325 2838 1598.52
9-Jan-04 16.97 7005 2890 1598.49 2810
16-Jan-04 17.37 7652 3084 1598.28
23-Jan-04 19.1 8120 2976 1597.93
30-Jan-04 18.28 7906 3027 1598.07
6-Feb-04 18.84 7945 2952 1597.47 3000
13-Feb-04 18.55 8000 3019 1916.92
20-Feb-04 18.5 8400 3178 1917.26 3100
27-Feb-04 18.53 8600 3249 1917.17 3300
5-Mar-04 19 9300 3426 1916.57 3226
12-Mar-04 18.2 8851 3404 1918.94 3500
19-Mar-04 18.47 8650 3278 1917.86