Senior VP at Kingsview Wealth Management Paul Nolte: ‘Interest rates are actually coming down’

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CARACAS, Venezuela (AP) — Tradition dictates that Venezuelans, children and adults alike, wear brand new clothes on Christmas and New Year’s. Shirts, pants, dresses, stilettos and sneakers — all with that new smell and perfect, first-time fit. No wrinkles, stains or scratches allowed.

But the dollar bills circulating all across the country might as well show the Grinch instead of Washington this year. The government’s loosening of controls on dollars may have made them easier to get, but it has also made them less valuable in Venezuelan shops, with dollar prices overall about 40% above those last year.