The Venezuelan bolivar accelerates its fall against the US dollar

The bolivar of Venezuela accelerated its fall against the US dollar, to the point that today Venezuelans need almost 50,000 units of its monetary sign to access 1 dollar US in the parallel market, which governs most of the country's commercial activities in the midst of the crisis.

Bogota, Nov 9 (EFE) .- Venezuela's bolivar accelerated its fall against the US dollar, to the point that today Venezuelans need almost 50,000 units of their monetary sign for access to 1 US dollar in the parallel market, which governs most of the country's commercial activities in the middle of the crisis.

According to the website Dollar Today, which calculates the value of the dollar with respect to the bolivar outside the official rates set by the Central Bank of Venezuela (BCV), a dollar is bought today in the unofficial market for 49,830 bolivars, and one euro for 57,803 bolivares.

Dollar Today, considered by the Government of Nicolás Maduro as an instrument of the "economic war" against it, is prohibited in Venezuela and extracts his data of the calculation of the exchange operations that are made in the Colombian city of Cúcuta, border with the oil country.

The parallel rate on Thursday is equivalent to almost 30% of the minimum wage in the country, but exceeds almost 5,000 times the value of the official exchange rate lower and 15 times that of the reference rate of the auction system that the Government implemented this year but that ceased several weeks ago.

The Venezuelan government has a monopoly on the sale of foreign currency in the country since 2003, and in recent months has cut back on large extent the allocation of foreign currencies due to the deepening economic crisis and the fall in oil prices, its main source of financing.

Venezuelan private companies and business organizations complain that they do not receive enough dollars from the State that they need for their imports. they must acquire their currencies in the parallel market and fix the prices according to the rate of Today Dollar.

This circumstance has caused the scarcity in Venezuela of food and other products basic, that when they are are sold at prohibitive prices for most of Venezuelans.

The National Assembly of Venezuela (AN, Parliament), opposition majority, confirmed this week that the Caribbean country entered into a hyperinflation process and reported that cumulative inflation up to October this year stood at 825.7%, an index offered by the Chamber in the absence of data from the Central Bank.