Nicaragua Devalues Currency: The Nicaraguan government devalued...
Nicaragua Devalues Currency: The Nicaraguan government devalued its currency by 9%, despite hopes among the people for Christmas relief from the regular devaluations. The old cordoba dropped to 2.73 million to one U.S. dollar from 2.48 million cordobas to the dollar. The dollar is worth about 3 million cordobas on the black market. The newspaper Barricada said the people had incorrectly expected a Christmas break from the regular currency devaluations. The Christmas Eve devaluation brought immediate price hikes in gasoline, transport and basic products.
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