GM to take US$400 mil. charge on Venezuela currency valuation
April 5, 2014, 12:09 am TWN
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 U.S. dollar. It is shifting to a rate of 10.7 bolivars to the dollar.
GM announced the change Thursday in a government filing.