Venezuela devalues nearly worthless currency again
Venezuela devalues currency in crisis dollar sale
Maria Isabel SANCHEZ
AFP May 31, 2017
"Under an overhauled official exchange system, the government let investors bid for the dollars at a new higher rate in what President Nicolas Maduro said was an effort to undermine the black market.
It was the latest in a series of moves to ease a crisis in a country stricken by soaring inflation and shortages of food and medicine.
The US bills sold at a rate of 2,010 bolivars per dollar, said Pedro Maldonado, president of the central bank's Currency Auction Committee.
He told reporters the rate was "an unequivocal indication that we are beginning a process of economic recovery."
But the rate represented a sharp devaluation compared to 721 bolivars under the previous system -- and still far below the black market rate, currently around 6,000 bolivars per dollar.*
The central bank sold $24 million overall, mostly to companies importing foreign goods.
"The amount assigned was laughable. It shows the lack of currency," economist Jesus Casique told AFP."
-snip-
Read more here: https://www.yahoo.com/news/venezuela-pushes-constitution-bid-amid-deadly-unrest-170541766.html
*How to make money in Venezuela.
1. Smuggle in $100 in US currency. (If you don't hide it, it will be "exchanged for Bolivars" at the official exchange rate at the airport... as a "courtesy" to you!)
2. Exchange (black market) your $100 cash for 620,900 Bolivars (Dolar Today)
3. Find your local "corrupt government official". (Only they can help you with this next step)
4. Exchange your Bolivars for US dollars at the "official rate" (10 Bolivars = $1) Please do not be surprised by the 50% fee to corrupt government official.
5. Have a nice day. You are now worth $30,000+ dollars.
6. Repeat
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