The price of the dollar in Venezuela has doubled so far this year

Rate this post

Caracas, Oct 27 (EFECOM).- The official price of the dollar in Venezuela has doubled so far this year, according to the price of the Central Bank (BCV), which set the value of the US currency at 35.12 bolivars this Friday. , 100.11% more expensive than the first rate of the year, of 17.55 bolivars.

This 100% increase in the price of the currency also represents a 50% devaluation of the local currency or, in other words, the income in bolivars of Venezuelans today has half the purchasing and payment capacity that they had at the beginning of 2023.

Added to this is an accumulated inflation of 158.3% between January and September that has reduced purchasing power in Venezuela, where the monthly minimum wage and pensions are equivalent to 130 bolivars (3.50 euros at today's exchange rate).

In addition, monetary depreciation and the increase in the prices of products and services have a special impact on the country, since all rates are calculated in dollars, while the majority of citizens obtain their income in bolivars, which practically depreciate. weekly.

Thus, a family of five people needs 133 minimum wages to pay for the food basket, whose cost was 495.54 dollars in September, according to estimates by the Center for Documentation and Social Analysis of the Venezuelan Federation of Teachers (Cendas-FVM).

In December 2021, Venezuela emerged from the hyperinflation that it entered in 2017 and that reduced the value of the bolivar, the official currency, as well as citizens' confidence in it, so they turned to the dollar in an attempt to protect their income. EFECOM


Author Profile

Nathan Rivera
Allow me to introduce myself. I am Nathan Rivera, a dedicated journalist who has had the privilege of writing for the online newspaper Today90. My journey in the world of journalism has been a testament to the power of dedication, integrity, and passion.

My story began with a relentless thirst for knowledge and an innate curiosity about the events shaping our world. I graduated with honors in Investigative Journalism from a renowned university, laying the foundation for what would become a fulfilling career in the field.

What sets me apart is my unwavering commitment to uncovering the truth. I refuse to settle for superficial answers or preconceived narratives. Instead, I constantly challenge the status quo, delving deep into complex issues to reveal the reality beneath the surface. My dedication to investigative journalism has uncovered numerous scandals and shed light on issues others might prefer to ignore.

I am also a staunch advocate for press freedom. I have tirelessly fought to protect the rights of journalists and have faced significant challenges in my quest to inform the public truthfully and without constraints. My courage in defending these principles serves as an example to all who believe in the power of journalism to change the world.

Throughout my career, I have been honored with numerous awards and recognitions for my outstanding work in journalism. My investigations have changed policies, exposed corruption, and given a voice to those who had none. My commitment to truth and justice makes me a beacon of hope in a world where misinformation often prevails.

At Today90, I continue to be a driving force behind journalistic excellence. My tireless dedication to fair and accurate reporting is an invaluable asset to the editorial team. My biography is a living testament to the importance of journalism in our society and a reminder that a dedicated journalist can make a difference in the world.