Bolivar freely floated against the US dollar

On February 12, President Hugo Chávez announced several measures designed to address the twin problems of insufficient budget funding and capital flight. Among these measures is a decision to scrap the band within which the Bolivar floated between upper and lower limits set by the Central Bank. The new exchange scheme allows for the free flotation of the Bolivar, although the Central Bank will intervene to prevent violent exchange rate movements.