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