Venezuela getting new currency

CARACAS, Venezuela, March 31 (UPI) -- Venezuela will introduce a dual currency to alleviate pressure from a devalued bolivar and record-high inflation, a government financial adviser said.

"The intention is to finish with the parallel market and instead allow the dollar to trade through a global bond on the local stock market, transparently and freely," said an adviser to the Venezuelan finance minister on condition of anonymity.

The bolivar was devalued about 100 percent against the dollar in 2007, which in turn prompted a 22.5 percent rise in inflation during the same period, The Financial Times reported online Monday.

"Basically we are getting into a dual currency, thus avoiding having to announce a devaluation," said Finance Minister Rafael Isea.