The Venezuelan bolivar

The Venezuelan government devalued its currency on Jan. 8, setting the bolívar at 4.3 to the dollar for nonessential items and 2.6 to the dollar for food, medical supplies and other essential products. Venezuelans swarmed stores to buy imported goods before prices essentially doubled.

Ordering the first devaluation since 2005, Chávez hopes the measures will boost the competitiveness of Venezuela’s exports and discourage locals from buying all but “strictly necessary” imports.