In 24 hours, the parallel dollar soared 18.85% and closed at 8.70 bolivars while the BCV updated the official dollar rate to 7.01 bolivars. USDT reached the barrier of 9 bolivars in the Binance P2P market.
After a chaotic day for the Venezuelan economy, the prices of the dollar and the USDT stablecoin soared, thus dealing a resounding blow to the national currency: the bolivar.
On Wednesday, August 24, the US currency began its journey at an exchange rate of 7.86 bolivars (in the parallel market). However, hours later and after an increase of more than 10%, the dollar closed at 8.70 dollars.
According to data provided through Twitter by Monitor Dolar Vzla, in 24 hours the parallel dollar shot up 18.85%, while the bolivar devalued 15.86% in the same period.
A hard blow to the Bolívar: Official Dollar Also Rises
In the midst of the economic uncertainty that the South American country has gone through in recent hours, various actors have expressed their opinions.
The politician José Guerra criticized through Twitter the inability of the Central Bank of Venezuela (BCV) to stop the dramatic devaluation of the bolivar:
“The bolivar collapses and with it wages. Again. The BCV has no way of stabilizing the exchange rate because it has no reserves and because the public does not want bolivars. A lethal combination. The tragedy: the monthly minimum wage, which in March 2022 was $30, today is $15.”
In addition, Asdrúbal Oliveros, economist, and director of Ecoanalítica, stated that, “Why did the BCV, even with a favorable flow of foreign currency, stop intervening vigorously in the foreign exchange market through foreign currency sales? That is the crux of what happens with the exchange rate.”
On the other hand, Nicolás Maduro’s regime has blamed the economic sanctions of the United States and social networks for the dramatic increase in the parallel dollar.
However, the BCV also published at the end of the afternoon a considerable increase in the price of the official dollar, which went from 6.28 dollars to 7.01 dollars.
USDT Not Far Behind – Soars Meteorically
A very curious fact is that the stablecoin USDT also skyrocketed but at a meteoric rate. With the official rate at 7.01 bolivars, the parallel dollar at 8.70 bolivars, USDT managed to overcome the 9 bolivars barrier in the Binance P2P market
Twitter user Kevin Negocios, a well-known influencer of the crypto ecosystem in Venezuela, commented on the existing “arbitrage” between USDT and the current Venezuelan exchange market:
“Another good day to win on #USDT. 368.26 Bs the bill, or 58.64$ if you were to pay with dollars in cash. Instead change 44.45 USDT, stop paying… $14.19! 24.19% savings!”
The rise in exchange rates in the South American country occurs hours after ECLAC indicated that Venezuela and Colombia would have the highest economic growth in 2022, as reported by BeInCrypto.
At the moment, there is a lot of uncertainty. Many users predict that the dollar will soon surpass the 10 bolivar mark. Is Venezuela experiencing déjà vu?
By Audy Castaneda
