The bolivar, the currency of Venezuela, devalued 17% against the dollar in the first half of the year, according to a report released on Friday (1st) by the country’s Central Bank, which places the price of the American currency at 5.55 bolivars. The dollar exchange rate began 2022 at 4.58 bolivars, which means that its price rose 21% in the first half, according to the Venezuelan issuing entity.
In October, the country underwent its third currency conversion (a solution created by the Chavista dictatorship), with the elimination of six more zeros from the bolivar. In total, the Venezuelan bolivar has 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 2022, Venezuelan inflation was 23.9%, according to the report.
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