Naharnet

Venezuela Sees Massive Official Currency Devaluation

Venezuela's languishing currency, the bolivar, has officially slid 86.6 percent against the euro according to a new auction of the European currency by Venezuela's central bank, whose result was given Monday.

The auction saw the official value of a euro soar from 4,146.13 bolivars in the last auction in August 2017 to 30,987.50 bolivars now.

No dollar auction has been held since September, so the value of the greenback was not given by the central bank. 

The central bank rate set by the auctions, called the DICOM, is the official one used by the government as part of its currency controls to prevent capital leaving the crisis-hit country. 

Venezuelan citizens and companies have very limited access to the DICOM exchange rate to buy foreign currency and must most often turn to the black market rate.

On Monday, the black-market rate priced the euro at 283,148 bolivars, and the dollar at 227,901 bolivars, according to the website DolarToday.com.

Source: Agence France Presse


Copyright © 2012 Naharnet.com. All Rights Reserved. http://www.naharnet.com/stories/en/241829