Venezuela’s central bank devalues bolivar as crisis continues

Protests in Venezuela
María Alejandra Mora/Global Panorama

The Central Bank of Venezuela has devalued the local currency by 64% in an attempt to provide some form of financial stability as the economic crisis continues.

On May 31, the central bank auctioned $24 million on its new Dicom system, priced at 2,010 bolivars per dollar – a far cry from the 728:1 exchange rate the month before.

“This is yet another similar foreign exchange system designed to buy some time and funnel forex to some key supporters,” Rachel Ziemba, managing director of research

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