Another socialist paradise going down the tubes. People never learn.
http://ift.tt/1EqXPWx
Venezuelans are dumping their rapidly-depreciating currency at a quicker pace, leading to a staggering plunge in its free-market value, as the crisis-plagued economy edges closer to an outbreak of hyperinflation.
DolarToday, a widely followed website that tracks exchanges made near the Colombian border, reported Friday that the bolivar had lost a quarter of its value over the last seven days.
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Venezuelan currency was trading at around 420 bolivars per dollar Friday afternoon, according to the site. That was down from 300 bolivars per dollar on May 14 and 173 at the start of the year.
(the higher the amount of bolivars it takes to buy a U.S. dollar the worse the bolivar gets for those in the leftist la la land)
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A Barclay Capital Inc. report issued Friday pointed to government expansion of the money supply as an underlying cause for inflation. The bank projected the Bolivar could dip as low as 600 to the dollar this year.
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The administration of President Nicolás Maduro keeps tight control over the legal exchange of bolivars, using a byzantine three-tier system. The system is meant to subsidize crucial imports, but also has led to widespread corruption and speculation.
One official rate is 6.3 bolivars per dollar. The weakest official rate, which was billed as an alternative to illegal currency exchanges when it was rolled out earlier their year, has inched up to 200 bolivars per dollar.
http://ift.tt/1EqXPWx
Venezuelans are dumping their rapidly-depreciating currency at a quicker pace, leading to a staggering plunge in its free-market value, as the crisis-plagued economy edges closer to an outbreak of hyperinflation.
DolarToday, a widely followed website that tracks exchanges made near the Colombian border, reported Friday that the bolivar had lost a quarter of its value over the last seven days.
----------------
Venezuelan currency was trading at around 420 bolivars per dollar Friday afternoon, according to the site. That was down from 300 bolivars per dollar on May 14 and 173 at the start of the year.
(the higher the amount of bolivars it takes to buy a U.S. dollar the worse the bolivar gets for those in the leftist la la land)
---------------
A Barclay Capital Inc. report issued Friday pointed to government expansion of the money supply as an underlying cause for inflation. The bank projected the Bolivar could dip as low as 600 to the dollar this year.
--------------
The administration of President Nicolás Maduro keeps tight control over the legal exchange of bolivars, using a byzantine three-tier system. The system is meant to subsidize crucial imports, but also has led to widespread corruption and speculation.
One official rate is 6.3 bolivars per dollar. The weakest official rate, which was billed as an alternative to illegal currency exchanges when it was rolled out earlier their year, has inched up to 200 bolivars per dollar.
Socialism screwed up........again
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