Venezuela is preparing to introduce a de facto dual currency in order to ease pressure from a full-blown devaluation and record-high inflation, according to an adviser to the finance minister.

After the parallel “black” market value of the bolivar suffered a devaluation against the dollar of about 100 per cent during 2007, spurring annual inflation of 22.5 per cent, the new finance minister, Rafael Isea, is taking a different tack.