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| Venezuela |
Venezuela’s central bank on Monday announced a devaluation of more than 99 percent of its official exchange rate with the launch of a new foreign exchange platform, a move critics quickly said would not create a functioning currency market.
- Central bank
The central bank said the first auction of its new DICOM system yielded an exchange rate of 30,987.5 bolivars per euro, equivalent to around 25,000 per dollar.
- Devaluation
That is a devaluation of 86.6 percent with respect to the previous DICOM rate and 99.6 percent from the subsidized rate of 10 bolivars per dollar, which was eliminated last week.
- Venezuela
Venezuela is undergoing a major crisis, with quadruple-digit inflation and shortages of food and medicine. Economists consistently describe the 15-year-old currency control system as the principal obstacle to functioning commerce and industry.
- New
The new rate is still dwarfed by the black market rate for greenbacks, currently at 228,000 bolivars per dollar according to website DolarToday, which is used as a reference.
The existence of such disparate exchange rates has for years encouraged Venezuelans to buy dollars on the cheap and flip them on the black market for a profit. That has created shortages of hard currency, which in turn fuels shortages of imported products such as food and medicine.
- Government
The government has repeatedly created foreign exchange mechanisms similar to DICOM, but business leaders say they never provided a steady supply of hard currency.
- News
The government would repeatedly end up shuttering the foreign exchange platforms in part because maintaining an exchange rate so divergent from the black market rate proved to be unsustainable.
- Forex
“If the exchange rate is imposed arbitrarily, it will perpetuate the crisis,” wrote Alejandro Grisanti of local consultancy Ecoanalitica on Twitter.
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— Algobit Forex (@AlgobitForex) 6 febbraio 2018
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