Venezuela Increases Foreign Currency Supply: About 330 Million Dollars Sold Since March 31
The Venezuelan government is increasing the sale of foreign currency to the private sector in an attempt to contain the depreciation of the bolivar. Since March 31, authorities have sold approximately 330 million dollars through direct interventions in the foreign exchange market, a source with knowledge of the operations told Bloomberg. The [...]
TL;DR
- Venezuela has sold approximately $330 million in foreign currency to the private sector since March 31.
- These sales are direct interventions in the foreign exchange market to contain the depreciation of the bolivar.
- The government's actions aim to stabilize the currency after previous unstable dollar auctions.
- The gap between the official and parallel exchange rates has narrowed to about 35% from 43% in early March.
- Annual inflation in February exceeded 600%.