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Venezuela currency depreciates 17% against the dollar in the first half

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Ambulante segurando notas de bolívar, em Caracas, em fevereiro: moeda sofreu corte de 14 zeros desde 2008
Street vendor holding bolivar notes, in Caracas, in February: currency has been cut by zeros since 2008| Photo: EFE/ MIGUEL GUTIERREZ

The bolivar, the currency of Venezuela, has devalued

% against the dollar in the first half of the year, according to a report released on Friday (1st) by the Bank Central of the country, which puts the price of the American currency at 5,55 bolivars. The dollar exchange rate started 02102450 at 4,

bolivars, which means that in the first half of the year its price went up 21%, according to the Venezuelan issuing entity.

In October, the country underwent the third currency conversion (a solution created by the Chavista dictatorship), with the elimination of six more zeros of the bolivar. In total, the Venezuelan bolivar has already lost 14 zeros since 2008, when then-President Hugo Chávez announced the first revision.

With the dollar economy since 2019, the country has controlled the demand for dollars, reducing the issuance of bolivars, necessary to buy foreign currency, through measures such as the restriction of bank credits. In the first five months of 2008, Venezuelan inflation was 23, 9%, according to the report.