Venezuela introduces new currency exchange system, the Bolivar depreciates by almost 40%


MEXICO city, February 18. /Corr. Ivan Valyuk/. The Venezuelan government has again changed the existing system of exchange. As stated by the President of the Bolivarian Republic Nicolas Maduro, the country will operate dual exchange rates: floating and fixed, the latter at the rate of 10 bolivars per dollar. Currently the official rate is 6.3 Bolivar per dollar, which is 37% less.

This was part of promulgated by the President of measures on a conclusion of national economy from crisis. He foresees higher prices for gasoline and food commodities, and the increase in workers ‘ salaries. From the first of March, salaries in the country will grow by 20%, the President promised.

Prolonged low oil prices – the main export product of Venezuela – has led to the worsening of the socio – economic problems in the country with a population of over 30 million people. The discontent of citizens by the actions of the authorities allowed political opponents of chavistas (followers of the late President Hugo Chavez) for the first time in 17 years to win a majority of seats in the Parliament following the elections held in December 2015.