Venezuela’s Multiple (Failing) Exchange Rate Regime
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.