The constant increase in the parallel dollar (blacki market dollar) has generated a differential gap of just over 20% with respect to the official government mandated exchange rate, which has evidently led to a distortion in the Venezuelan economy.
By: Corresponsalía lapatilla.com
This was indicated by the president of the Maturín Chamber of Commerce, Julio Bathika, who explained that as long as there is no economic balance in Venezuela, where public spending is reduced and there is sufficient money in the budget, the dollar will continue its upward trend.
“This is an economy that moves with dollars, and if there are no dollars in the market, of course its price will skyrocket, and the bolivar, by not complying with the legal standards established in the international community, is worthless. We do not understand why this difference is so great, but what we do know is that the Government (by its policies) determines it this way,” Bathika said.
He added that retailers must sell all merchandise at the BCV set price (exchange rate), but the people (blackmarket wholesalers) who supply them with products sell them at the black market rate. He assures that currently no one wants to sell dollars at the parallel rate or even a new kind of rate called “average.”
The representative of the Chamber of Commerce in the capital of Monagas added that there are very few people who pay in dollars in establishments, because if, for example, they pay with a 20 dollar bill and spent 10 dollars, they want change (if in Bolívars)to be calculated at the parallel exchange rate.
“I think that the Government’s deficiency in granting (enough supply of )foreign currency to banks is what has maintained these circumstances. There is a shortage of dollars. The dollar remains stable when, for example, the Government injects each of the banks with a certain amount of dollars, and the banks use that amount of foreign currency to solve the problem of their clients,” Bathika said.