Venezuela Official:Devaluation Carries Political, Social Risks

CARACAS (Dow Jones)--Finance Minister Ali Rodriguez said Wednesday that any devaluation of the bolivar would have to be timed taking into consideration its political and social impact. "It's a problem that requires making the necessary adjustments in the precise moment," Rodriguez said during a conference. Rodriguez added that any adjustments would need to take into consideration economic and financial variables as well as their political and social impact. "An overvalued bolivar is a mechanism for economic redistribution," he said. The bolivar officially trades at a fixed rate of VEF2.15 for $1, but restricted access to that rate forces most companies and individuals to go to the black market for their foreign currency needs, where more than 5 bolivars are needed for $1. "Ai uan tu bi iur fren"