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Venezuelans scratch heads over devaluation

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Caracas - Venezuelans puzzled over the impact of a complicated currency devaluation and fretted that dire product shortages in the Opec nation's recession-hit economy would not go away.

President Nicolas Maduro's socialist government this week launched a 70% devaluation via a new "free floating" currency system known as Simadi, the third of three-tier exchange controls created by his predecessor Hugo Chavez.

"They're doing this because they don't have any money," said a man who gave his name only as Felix, and who said he was 83.

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