Venezuela’s ⁤Bolivar Depreciates Against the US Dollar

The ‌Venezuelan bolivar, the ⁤national⁢ currency, experienced ⁣a significant depreciation of 13.5% in October compared to the US⁢ dollar, ‍closing the ⁣month at 42.7 bolivars ⁤in the official‍ market, as reported by the Central Bank of Venezuela⁢ (BCV).

The official price of the US currency⁤ saw a notable increase ‍of 15.7% in October, rising ​from 36.9 bolivars at the beginning of⁣ the month. This change is based on the daily exchange rate published by ​the BCV, ‍which reflects the quotations of different ⁣foreign currencies⁣ used in bank exchange operations.

In the parallel ​market, the bolivar fell by 14.9% against the dollar, with the exchange rate increasing by 17.5% from 43.9 bolivars to 51.6 in October,⁣ according to Monitor Dólar Venezuela, which tracks various market indicators.

Experts warn​ that the rise in the dollar’s value will‍ likely have a significant impact on inflation in Venezuela, where many prices are set with reference to ‌the US currency. This is a result of the​ country’s hyperinflation⁢ crisis, which occurred between 2017 and 2021.

Due to the currency’s depreciation, the minimum wage and pension, which have been frozen at 130 bolivars since⁢ March 2022,​ are now equivalent to approximately 3 dollars per month, based on​ the⁢ official exchange rate.

Henrique⁤ Capriles, a two-time opposition presidential candidate, proposed a $100 bonus for the country’s pensioners and⁢ public​ workers to⁤ compensate for ‌the increase in the exchange rate.

Source: EFE