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| Venezuela devalues currency to align it with black market – AFP citing official | Venezuela devalues currency to align it with black market – AFP citing official |
| (35 minutes later) | |
| Venezuela has devalued the Bolivar, in an attempt to align the currency’s value with the country’s black market, AFP reported. Amid hyperinflation, many Venezuelans rely on the black market to gauge the currency’s value. | Venezuela has devalued the Bolivar, in an attempt to align the currency’s value with the country’s black market, AFP reported. Amid hyperinflation, many Venezuelans rely on the black market to gauge the currency’s value. |
| The Central Bank of Venezuela (BCV) has authorized a private money exchange platform Interbanex to become part of the Exchange Market System in the country. | |
| Interbanex has said that its exchange is rate 3,200 sovereign bolivars per dollar. | |
| The country's economy has been in a steady decline since the sharp drop in oil prices in 2014 that hit the budgets of the world’s major oil producers, such as Saudi Arabia, Russia, Norway and Iran. Apart from the oil price crash, Caracas has been under constant pressure from US sanctions aimed at President Nicolas Maduro and his government. | |
| Since last week situation in Venezuela has become more tense after the opposition leader Juan Guaido declared himself the interim head of the state, with the support from US and its allies. | |
| A dollar exchange rate was 2.084 bolivars on the last auction at Exchange Market System (Dicom), EL Nacional reported citing the Central Bank of Venezuela. | |
| This means that the minimum monthly salary of 18,000 bolivars translates into only $ 8.64. | |
| Venezuela stopped using dollar for its transactions on the country's exchange market since October last year switching to euro. | |
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