If you are a senior officer at an international bank whose clients are engaged in financial transactions with Venezuelan entities or nationals, or is considering extending credit to them, look at the present value of the Bolivar to one US Dollar. It is one of the reasons were have raised Country Risk on Venezuela to the highest, meaning unacceptable, level. The country's creditors are owed billions of dollars, and and utter default is looming in the near term.
Chronicles of Monte Friesner - Financial Crime Analyst
Contributed by Kenneth Rijock - Financial Crime Consultant