The rise of the US dollar in Venezuela only accentuates the devaluation of the bolivar, the local currency, which has lost 37.34 % of its value between January and June.

On Friday, the official dollar rate, according to the Central Bank of Venezuela, closed at 28.01 bolivars. It is expected to show a slight increase today after the bank holiday on Monday.

In June, “the bolivar lost 5.53 % of its purchasing power” and “has accumulated an incessant depreciation since January, when it registered its worst behavior – 21.54 % devaluation –, although it showed balance during March and April, when the fall against the dollar was less than 1 %”.

Given the increase in the US currency, whose impact is suffered by consumers having to pay high costs of goods and services anchored to the dollar, analysts are alert who fear that inflation will continue to rise.

M.Pino

Source: finanzasdigital

(Reference image source: Alexander Mils, Unsplash)

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