Bolivar plummets with new Venezuelan FX system

Bolivar plummets with new Venezuelan FX system

Economy & Policy Corporate & Sovereign Strategy

The value of the Venezuelan bolivar through official sources plummeted on Tuesday to near the black market rate, after the government’s new foreign exchange system began operating. Dollars traded at around VEB52 in the new Sicad II system on Monday, according to central bank data. That was close to the VEB57 per dollar black market rate, and a sharp depreciation against the government’s other dollar supply mechanisms. Until now Venezuelans could buy dollars at two exchange rates, the CAVIDI rate

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