Caracas, Sep 30 (EFE) .- The price of the dollar in the parallel market of Venezuela exceeded 5,000,000 bolivars this Thursday, less than 24 hours before the third monetary reconversion proposed in the Caribbean country in so far this century.
According to the portal “Monitor Dollar Venezuela”, which averages the different unofficial exchange houses, the dollar is sold at 5,035,381.00 bolivars, which represents an increase of 4.68% with respect to the price with the one that opened this Thursday and that the same portal estimated at 4,810,438.43 bolivars for every dollar.
The lowest rate offered by an unofficial exchange house is equivalent to 4,549,688.02 bolivars for every dollar, while the highest is 4,974,812 for each US currency, according to data from the monitoring portal.
However, according to data from the Central Bank of Venezuela, the official value of a dollar, by which all official commercial operations must be governed, is 4,181,781.84 Venezuelan bolivars, which represents 853,599.16 bolivars less than what is quoted by the parallel monitor.
The currency reconversion that comes into effect tomorrow in Venezuela subtracts another six zeros from the currency and is one of the most marked in the world since the Second World War.
The constant devaluation of the sovereign bolivar has led Venezuela to undergo a process of spontaneous transactional dollarization that means that most purchases are made in the US currency and the Venezuelan currency is reserved for small payments such as the Caracas urban bus ticket.
Due to constant hyperinflation and devaluation, the highest denomination bill currently in circulation – the one million sovereign bolivar bill – is exchanged for less than 20 cents on the dollar and its purchasing power is practically non-existent.
Meanwhile, the Government of Venezuela has justified the imminent reconversion by ensuring that it seeks to preserve and boost the national currency, the bolivar, as the Executive Vice President of that country, Delcy Rodríguez, said on Monday.
This Thursday, Rodríguez also assured that “the entire banking and financial system” is ready for the monetary reconversion that will take effect tomorrow and that will eliminate six zeros from the sovereign bolivar to illuminate the digital bolivar.
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