The currency of Venezuela, the bolivar, lost more than 7% of its value against the dollar in the first 10 days of Februaryaccording to reports from the Central Bank (BCV), which published this Friday the prices of different currencies, including the US.
The issuing entity reported that the official price of the US currency closed the day in 24.20 bolivarswhich represents a 7.89% increase compared to February 1, when it reached 22.43 bolivars.
This caused the bolivar to depreciate 7.31% so far this month against the dollar, one of the most used currencies in commercial transactions in the country, which has been experiencing an unofficial dollarization process for 4 years. of its economy, one of the main consequences of the hyperinflation that Venezuela experienced between 2017 and 2021.
Meanwhile, in the parallel marketused as a reference in foreign currency purchase and sale operations outside of authorized institutions, The price of the dollar reached 24.72 bolivars this Fridayan increase of 6% compared to the 23.30 bolivars of February 1.
The increase in the exchange rate has a direct impact on goods and services, whose prices are fixed, in most cases, in dollars.
Inflation in January was 39.4%2.2 percentage points more than in December, according to the Venezuelan Finance Observatory (OVF), an independent entity outside the Central Bank, a figure that suggests that the “Venezuelan economy entered a phase of strong acceleration” of price increases ” as an expression of the macroeconomic instability that has been observed”.
This instability, he continued, is due to the fact that the “Government could not continue maintaining the stability of the exchange rate that it applied until last August.”
(With information from EFE)
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