Black Market Dollar Reaches Almost One Million Bolivars – 6D Elections Effect

This Monday, November 23, the Central Bank of Venezuela (BCV) informed the general public of the official average exchange rate for next Tuesday, November 24. As indicated on its website, it was at Bs. / USD 782,025 below the black market referential price.

Among other quotes published by the BCV, the following stand out:

Bs. / EUR 927,786.83

Bs. / CNY 119,082.27

Bs. / TRY 102,544.67

Bs. / RUB 10,281.96

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For its part, the average price of the black market dollar was Bs. 967,349.16, according to the rate published at 1pm by the Monitor Dollar Venezuela Instagram account, placing it above the official exchange rate.

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In the publication they indicate that for today’s update, the value rose 7.5% with respect to the previous publication, that is, Bs. 67,148.51 more than the morning figure.

The black market dollar was at 535,132 Bolivars (Bs.) at 9am on Monday November 9, meaning a devaluation of 80% in only two weeks.

Some right-wing media have explained the unusual behavior by attempting to blame the government for creating more Patria System stimulus checks, and for issuing bonds to pay government providers, but many Chavistas claim that it reflects the usual behavior of the exchange rate before major electoral events. In Venezuela the extremely important parliamentary elections are scheduled for December 6, only thirteen days from today.

 

Featured image: File photo.

(La IguanaTV) with OT content

Translation: OT/JRE/SL