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Economic Déjà Vu

Venezuelans brace for another year of dwindling purchasing power. The black market exchange rate has once again hit 100 Bs per USD.

Same old, same old

Everyone remembers 2017 and 2018 as the darkest days of Venezuela’s economic collapse. But after Maduro & Co. killed the local currency, the regime softened the enforcement of exchange controls and allowed the dollar to flow more freely.

The last monetary reconversion took place in late 2021, when the official exchange rate stood at 4.39 digital bolivars per dollar, with the black market rate slightly higher at 4.47.

The parallel rate has now soared past 100 digital bolivars per USD—the fourth time in history this has happened. The official rate lags behind at 68.69 bolivars per dollar. That gap now stands above 30%.

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Radiotelevisión Española: Repsol’s CEO, Josu Jon Imaz, stated that the oil giant will seek ways to continue operating in Venezuela. He emphasized that they are in “direct contact” with the U.S. administration and maintain a “fluid dialogue.”
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