Monday, March 3, 2014


Exchange mismatch in Venezuela has smashed a record. At February 28, 2014 the gap between the official exchange rate of VEB 6.30 per USD and the exchange rate in the parallel market stood at 1,200%. With significant effects never before such magnitude had been seen in the history of exchange control.
Such a difference means that demand of cheap US dollars is virtually endless and the access to the foreign currency is slow, difficult and amenable to corruption.
Meanwhile the President will be attending the inauguration of fellow socialist Michelle Bachelet in Chile. Sorta like the trip Fidel Castro took in 1971. Maduro was trained in Cuba.

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