#TeExplicamos

TL;DR

The Venezuelan foreign exchange market facilitates the buying and selling of foreign currencies, mainly dollars, for businesses, institutions, and individuals.
The market is fragmented, with an official exchange rate set by the Central Bank of Venezuela (BCV) and parallel informal markets.
The BCV supplies dollars to the formal market through interventions via public and private banks, aiming to meet demand for essential economic activities.
Foreign currency can be purchased through authorized banks via regulated modalities like 'menudeo cambiario' and 'mesas de cambio'.
Key participants include the BCV, the National Executive, PDVSA, universal and microfinance banks, authorized exchange houses, individuals, and businesses.
Supervisory bodies like Sudeban and Sundde oversee the banking sector and ensure adherence to official exchange rates.
Sources of circulating currency include export revenues (especially oil), family remittances, and, increasingly, cryptocurrency transactions.
Scarcity of foreign currency is linked to Venezuela's limited capacity to generate dollars, primarily through oil exports.
Parallel markets emerge when the supply of formal currency is insufficient to meet demand, with prices determined by private supply and demand.

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