Currently on the Venezuelan black market, one US dollar costs 37 Venezuelan bolivars, more than 75 percent of its April price of 21 bolivars. The official exchange rate is 6.3 Bsf., which is rarely available.
The political tension between President Nicolas Maduro, appointed to the office on April, and the government’s opposition has been one of the key factors that has brought down the bolivar’s value. The political uncertainty of the socialist state has increased government expenditures and capital flight.
Source: Los Ángeles Times. Read More »