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GM to take US$400 mil. charge on Venezuela currency valuation

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.

 

 

 

 

 

 

 

 

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