Free Dollar In Venezuela, The Country Of The Four Exchange Rates

Posted On 23 Feb 2015
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Tag: Venezuelan bolivars per dollar changed freely

For the first time in many years, the Venezuelan bolivars per dollar can be changed freely, with the backdrop of the government’s fight against a deep economic crisis, which has made ​​reopens a kind of free forex market.

Thursday entered into force far released two weeks ago by the government of Nicolas Maduro, so the country is now four different exchange rates.

The BBC News website notes that there is one of 6.3 bolivars per dollar, used for imports considered essential, such as medicine and food. The second is 12 bolivars per dollar for other imports and travelers.Besides being free in its first day traded at 171 per dollar.

The fourth rate is the highest: in the black market the dollar is trading up to 90 bolivars.

But in the new free market system called Marginal Currencies (Simadi), foreign currency is bought and sold in three ways: through securities, banks and exchange houses.

The state, which is thanks to oil the largest recipient of dollars in the country, expects more bolivars for their dollars to reduce the fiscal deficit of 15% and contain the highest inflation in the world: 68 percent in 2014, according they spread the official statistics.

On the other hand, the medium indicates that one of the major concerns of economists is that the new free system does not have the dollars to meet the demand of Venezuelans. In this regard the government said Thursday it allocated $ 4.2 million for retail, so considering that each person is allowed to change only $ 300 per day, money enough for 14,000 people.

BBC adds that in Venezuela the demand for dollars can be larger than elsewhere due to the constant devaluation of the bolivar and the alarming inflation, which have pushed people to have their savings in foreign currency against erosion day.

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