May 31, 2020

The Venezuelan currency has depreciated 97.36% so far in 2019

The Venezuelan currency, the bolívar, has depreciated 97.36% so far in 2019 after Thursday stood at 24,228.33 bolivars per dollar, compared to the 638.18 bolivars that cost a currency of states United on January 2, according to the official quotation of the Central Bank (BCV).

For the second time in two weeks, the price of the dollar is close to the barrier of 25,000 bolivars per unit, although last October 30, after closing at 24,415.07 local units, it fell to 22,493.91.

With the result of this Thursday, the minimum wage set by the Government was placed at $ 6.19 per month, a value that implies that the monthly income of three million public employees and five million pensioners are below 1.25 Daily dollars estimated by United Nations to determine extreme poverty.

In the Caribbean country, exchange control has been in force since 2003, but since last May the Executive of Nicolás Maduro has allowed its flexibility in an attempt to capture foreign exchange for the public treasury, affected by the contraction of oil production, its main source of income .

Through the so-called exchange tables, people and companies go to banks and exchange houses to offer and buy dollars and euros, in addition to receiving family remittances from abroad.

However, many users still opt for the unofficial market to trade their currencies and in which the dollar is usually quoted above the BCV marker and this Thursday averaged over 25,000 bolivars per US currency.

In the midst of the Venezuelan economic crisis, the dollar has become the currency used by small merchants, service providers and individuals, whether through cash payment or electronic transfers.

According to a study by the Venezuelan firm Ecoanalítica, shared on his Twitter account, "53.8% of transactions in the country are made with currencies, which means an increase with the sample taken in April whose result was 40% ".

The price of the dollar increased its value in Venezuela about 6,381,800 times in 2018, from 10 bolivars per unit in which it was quoted in the official market in January to 638.18 – or 63,818,000 before the monetary reconversion which suppressed 5 zeros to the local sign – in which it was located at the end of that year.

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