© Reuters. The Venezuelan currency falls 5% against the dollar in the first week of 2023
Caracas, Jan 6 (EFE).- The Venezuelan currency, the bolivar, fell this Friday by 5% against the dollar compared to last January 2, the first business day of 2023, according to the prices of the US currency offered by the Bank Center (BCV).
The issuing entity reported that the price of the North American currency, used in most commercial transactions in the country, closed the day this Friday at 18.61 bolivars in the official market, which represents an increase of 6% compared to the opening exchange rate of the year, which was 17.55 bolivars.
The devaluation reinforces the rejection of Venezuelans to their currency, who seek to exchange for products or currencies, mainly dollars, to try to protect their income from the accelerated depreciation.
The bolivar closed last year with a 73% devaluation against the dollar compared to December 30, 2021, after the currency price increased by 280% in that period in the official market.
The increase in the value of the dollar, also used to set the prices of most products in the nation, has caused inflation to accelerate, which closed November at 21.9% and December at 37.2%. the highest rate in the last 22 months, according to the Venezuelan Finance Observatory (OVF), data that the BCV has not yet reported.
The OVF, an independent entity made up of experts, warned this Thursday that the “pronounced accelerations in inflation that have been registered since September 2022, could” put the country’s economy “in danger of a hyperinflationary outbreak, which is gaining strength with the sustained devaluation of the bolivar”.
On the other hand, the dollar in the parallel market reached 20.61 bolivars this Friday, according to the Monitor Dólar Venezuela portal, which offers the daily price taking into account various markers.