The increase in the gap between the official price of the dollar and the ‘parallel’ in Venezuela resurfaces a problem that the country had overcome after months of exchange stability: the use of different rates, even in formal businesses, despite the fact that they are obliged to work with the quote published by the Central Bank (BCV).
One dollar is exchanged in the parallel market for 44 bolivars, about seven bolivars above the official rate, at 36.9, the rate that commerce, by orders of the Executive, must use as a reference to calculate payments for goods and services, mostly fixed in the US currency, adopted as a consequence of the hyperinflation that the country experienced for four years, until 2021.
Last August, the Superintendency for the Defense of Socioeconomic Rights (Sundde) activated the “National Plan for Verification of Rate Compliance” of the BCV, for which it maintains its “supervisory force,” as reported on its Instagram account, where citizens denounce the use of contributions that exceed the official one, which has been around 36 bolivars since January.
One currency, “different prices”
Despite the rule, several stores in a commercial area of Caracas – which do not have the obligatory sign with the rate set by the BCV on display – apply the exchange rate between 37 and 40 bolivars, while informal sellers reach 42, as confirmed by EFE in the sector.
The manager of a shoe store, who asked not to be identified, calculates the dollar at 40 bolivars because, as he explained to EFE, the suppliers charge him for the merchandise at a rate of “43 or 44 bolivars, it depends on how the quote is.” in the parallel market.
“You have to pay the large wholesalers in parallel so that they give you merchandise,” said the merchant, who says he calculates the currency at a price that is “in the middle” of the official rate and the highest parallel rate to “be able to sell.” because, otherwise, “no one buys from you.”
On the other hand, 40 bolivars “is still a good price,” added the manager of the store, where shoe prices are set in dollars.
“It shouldn’t happen”
However, for Ana Rosa Blanco, a 55-year-old housewife, this “should not” happen and all businesses “have to charge as is” reflected on the issuing body’s page.
