Venezuela economy black market exchange rate US dollar

Venezuela’s Multiple (Failing) Exchange Rate Regime

By Robert Kneip

April 26, 2016

Depending on who you are, the price of one US dollar in Venezuela may range from 6.3 to 13.5 to 200 bolivars (Bs), according to the government, or even more on the black market where 1 USD is estimated to cost roughly 830 Bs. The first two official rates – referred to as the Cencoex rate and the SICAD rate, respectively – are reserved for government approved entities and intermediaries for transacting in staple goods such as food, medicine, and car parts.

Venezuela Suffers at the Helm of Lower Gas Prices

Recently, Venezuela's black market economy has been “booming,” or rather, has been able to supply basic goods to consumers that the government no longer supplies on a regular basis. The economic crisis in Venezuela, which has brought on shortages of food and other goods, has become normal for citizens, but recently President Nicolás Maduro declared an economic state of emergency.

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Venezuela economy black market exchange rate US dollar