Central Bank of Venezuela symbol. Photo: Dagne Buschbeck.
The Central Bank of Venezuela (BCV) carried out a currency intervention on Monday by selling US$ 180 million to the financial system with the aim of stabilizing the price of the US currency in the South American country.
According to data provided by local news outlets, “October already reports two interventions with an injection of US$ 260 million into the banking market by the Central Bank.”
Last Friday, October 11, the official exchange rate rose 3.29%, reaching Bs. 37.65 per US dollar, its largest daily variation during 2024.
Compared to the previous week, the BCV intervention rate increased by 4.88%, while the weekly variation of the official exchange rate was 5%, according to the Banca y Finanzas website.
With this latest intervention of US$ 180 million, the BCV passed the imaginary barrier of 4 billion dollars sold to the financial system this year, with a net amount of US$ 4.123 billion, 23.93% higher than the 3.327 billion it had sold in the same period of 2023.
So far, the most demanding year in terms of foreign exchange intervention for the BCV was 2022, when it placed an estimated amount of US$ 5.4 billion on the market, with a monthly average of US$ 450 million.
The Venezuelan exchange rate market began an unusual behavior a few days before the July 28 presidential elections. The margin between the official exchange rate and the black market one has widen from around 5% to 26.7% last Friday when the black market exchange rate closed at 47.73 bolivars per US dollar.
(Últimas Noticias) with Orinoco Tribune content
Translation: Orinoco Tribune
OT/JRE/DZ
