The economic team is “outlining” a “set of actions,” said Vice President Delcy Rodríguez without specifying details. “Those who attack the Venezuelan economy are destined to fail!” added the official.
In the last week, the official price of the dollar went from 11.69 to 14.12 bolivars, which translated into a 17.20% depreciation of the local currency.
The Venezuelan currency experienced “stability” between October 2021 and August of this year, when it began to gradually depreciate.
Stability had been achieved by the million-dollar injection of State dollars into the exchange market, according to various economic analysts who warned that this measure was not sustainable over time.
The strategy shows cracks. Since last month, the government began to spend more and the demand for foreign currency has not been able to be covered with the weekly offer of dollars made by the Venezuelan issuer through local financial entities, so that greater amount of bolivars circulating ends up putting pressure on the parallel market, according to analysts.
“This attempt by the Central Bank to fix, to anchor the exchange rate, for two years now, has collapsed,” the economist and professor at the Central University of Venezuela, Leonardo Vera, told AFP.
“An exchange rate that is too low has been sought, below what would be an equilibrium exchange rate” in a country that has “inflation of 200% at an annual rate, without international reserves, and with the engine of its economy – oil – damaged,” he adds.
