Girish Gupta

HOME

BY COUNTRY

Brazil
Colombia
Cuba
Ecuador
Egypt
Guyana
Iraq
Jordan
Lebanon
Mexico
United Kingdom
Venezuela

BY MEDIUM

Text
Photo
Radio
TV/Video

BY PUBLISHER

Al Jazeera
BBC
BuzzFeed
CBC
Christian Science Monitor
CNN
Daily Mail
Datum
Ecologist
Economist Intelligence Unit
Emerging Markets
Financial Times
Foreign Policy
France 24
Fusion
GlobalPost
Guardian
Independent
La Prensa (Panama)
LatinFinance
Mancunion
Monocle
National (Abu Dhabi)
New Internationalist
New Statesman
New York Times
New Yorker
NPR
PBS
PRI
Radio France Internationale
Reuters
RTE
Sky News
Sun
Sunday Times
Telegraph
TIME
Times of London
USA Today
Vice
WLRN

ABOUT

About
CV
Contact (PGP Key)

Twitter
Facebook
LinkedIn
Venezuela black market forex rate weakens below 200 bolivars per dlr
Feb. 25, 2015 — Caracas, Venezuela

Published by Reuters

Venezuela's black market exchange rate weakened below 200 bolivars per dollar on Tuesday, according to a widely referenced website DolarToday, despite the recent launch of a foreign exchange platform meant to reduce pressure on the black market.

The bolivar has weakened 14 percent since the start of the year and 56 percent in the last 12 months, according to DolarToday, which publishes the black market rate based mostly on currency trades along the Colombian border.

The government last week opened a "free-floating" currency exchange mechanism known as Simadi which currently sells dollars for 172 bolivars. That is the weakest of a three-tiered exchange control system that also sells dollars at a preferential rate of 6.3 bolivars for imports of food and medicine and a complementary rate of around 12 bolivars for other goods.

The launch of Simadi was meant to slow the depreciation of the bolivar on the black market and improve supplies of hard currency in order to limit nagging shortages of staple goods.

Venezuelans attempting to use Simadi, particularly those involved in small-scale cash transactions, have complained of delays in obtaining greenbacks.

"On Friday I was very confident about the system, I (deposited) 34,000 bolivars," said Jorge More, 37, who works in information technology, in an interview on Tuesday. "But I haven't been authorized to receive the dollars. I'm not happy with the lack of clarity."

Officials have said state oil company PDVSA will sell dollars through Simadi to ensure sufficient supply of currency, but finance industry sources say the government has not yet approved the regulations needed to make this possible.

(Reporting by Girish Gupta and Alexandra Ulmer, writing by Brian Ellsworth; Editing by Tom Brown)

Filed from
Caracas, Venezuela






More...

Exclusive: Venezuela holds 5,000 Russian surface-to-air MANPADS missiles
May. 22, 2017


Venezuelan opposition activists march to Leopoldo Lopez' jail
Apr. 28, 2017


Venezuela says inflation 274 percent last year, economists say far higher
Apr. 20, 2017


Venezuelan protests against government leave three dead
Apr. 19, 2017


Venezuelans return to streets, roused by ban on opposition leader
Apr. 8, 2017


Venezuelan opposition, security forces clash in anti-Maduro protests
Apr. 6, 2017


Venezuela security forces battle anti-Maduro protesters
Apr. 4, 2017


Venezuela money supply up 200 pct in year, fastest rise on record
Apr. 3, 2017


Amid protests, Venezuela's Maduro seeks to defuse court row
Mar. 31, 2017


Venezuela begins republishing key economic indicator after hiatus
Mar. 23, 2017


Crisis-hit Venezuela halts publication of another major indicator
Mar. 21, 2017


Back in Venezuela, 'world's worst skier' proud of his performance
Feb. 26, 2017


Some poor Venezuelan parents give away children amid deep crisis
Dec. 15, 2016


Desperate to dump soon-worthless cash, Venezuelans flock to banks
Dec. 13, 2016


Inflation-hit Venezuela to pull largest bill from circulation
Dec. 11, 2016








© Girish Gupta