Bolivar tumbles 7% in biggest weekly depreciation since late March
Updated
Updated · Bloomberg · May 7
Bolivar tumbles 7% in biggest weekly depreciation since late March
12 articles · Updated · Bloomberg · May 7
Venezuela let the currency fall to about 715 per euro on the intervention market this week while increasing dollar sales.
The move leaves the bolivar only slightly stronger than the informal market rate, helping narrow a key distortion in the exchange system.
Officials are using weaker exchange controls and more hard-currency supply to try to curb inflation pressure in an economy long shaped by parallel-market pricing.
Can US-led reforms stabilize Venezuela's economy while a basic food basket costs over $600 a month?
With Venezuela’s economy growing 12%, why is the official minimum wage still frozen at just 30 cents?
Is Venezuela's new economic plan a path to recovery or a surrender of its oil sovereignty to US control?