Venezuela 2016 budget sees 6.3/dlr forex rate maintained

Venezuela's proposed 2016 government budget foresees the maintenance of the OPEC nation's strongest official exchange rate of 6.3 bolivars per dollar despite speculation of a devaluation after December parliamentary elections. The budget document, seen by Reuters, also forecast annual inflation of 60 percent. That would likely be less than this year's inflation which President Nicolas Maduro has predicted at 80 percent but most economists expect to surpass three digits. Earlier, presenting the proposed budget to parliament, Finance Minister Rodolfo Marco said it was based on an estimate of $40 per barrel of oil for Venezuela's exports. More…