30/09/2022 18:06 (UTC)

Venezuelan currency reduced by almost half after one year of reconversion

Caracas, Sep 30 (EFE), (Camera: Ivan Cardenas) - Venezuela's currency, the bolivar, lost almost half of its value in the first year of circulation after the latest monetary reconversion, which takes place this Saturday, a strategy that the government developed in order to "rescue its strength and its reference as an expression" of the country's economy.

On October 1 last year, one dollar was exchanged in the official market for 4.19 bolivars, while today 8.18 bolivars are needed to acquire it, according to the Central Bank of Venezuela (BCV), which means a devaluation of 48 % against the currency, which increased by 95 % in that period.

Metadata

Date: 30/09/2022 12:00 (UTC)
Source: EFE
Topic: Economy, business and finance
Type: Rough cut
Duration: 86 seconds
Reference: 7001203116
Relevance: Normal