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GM to take US$400m charge for bolivars
DETROIT—General Motors Co says it will take a charge of US$400 million pretax in the first quarter because of a change in the way it values Venezuela’s currency. GM will no longer use the official exchange rate of 6.3 bolivars to the US dollar. It is shifting to a rate of 10.7 bolivars to the dollar. GM announced the change in a government filing. The move came a day after Ford Motor Co said it will take a US$350 million charge in the first quarter because of a similar devaluation of Venezuela’s currency.
Both companies will now using another government rate that is determined by periodic auctions. Ford and GM both have manufacturing plants in Venezuela.