Government of Maduro devalued the currency 43.37% against the dollar
The Central Bank of Venezuela (BCV) published a rate of 151.64 bolivares per dollar compared to 85.87 on Thursday, after the last currency auction of the week.
These offers are framed by a strong exchange control in force for fifteen years, which gives the socialist government a monopoly on foreign currency, in drought due to the collapse of oil production.
On Thursday, Maduro had increased the minimum salary by 150% (another tragedy for Venezuelans since everything would cost three times more), taking it to 4,500 bolivares (about 10 dollars according to the black market price), in the midst of an unleashed inflation that the IMF projects 1,350,000% by 2018 and 10,000,000% by 2019.
The official rates have depreciated 60% of the bolivar since the government government launched last August a new exchange system, as part of a plan of reforms in the face of the serious crisis that the oil country suffers. The scheme was then launched with a 96% macrodevaluation.
The new depreciation was expected after Maduro defined the salary adjustment as a "correction factor" in which he carried from 3,600 to 9,000 bolivars the state crypto-petro, to which the president said the salary is anchored.
This, despite the fact that crude oil prices, to which the government says the oil is tied, are on the downside. Oil contributes 96% of the country's income.
Given the limited supply of foreign currency in government auctions, the black dollar remains dominant in the economy, with a quote that almost triples the official.
The quotations of the black market have come to multiply by 30 the official ones, which has propitiated multimillionaires cases of corruption.
For the consultancy Ecoanalítica, the Government maintains the exchange control as a mechanism for the distribution of income between groups that guarantee their permanence in power, while every day Venezuelans suffer more with the absurd measures of this government, every day with more inflation and more devalued. Merry Christmas? I do not think so.
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