Venezuela’s new forex auction sees bolivar plummet
Latest auction sees currency devaluate by 99% from heavily subsidised exchange rate
The Central Bank of Venezuela has continued to implement an unprecedented policy, devaluing the local currency by more than 99% relative to a heavily subsidised official rate.
On February 5, the central bank used its newly updated foreign exchange platform for the first time, auctioning off bolivars at 30,987.50 per €1 (equivalent to 24,996 to the dollar).
Until the end of January, Venezuela had two official exchange rates: the heavily subsidised Dipro (10 bolivars: $1) and the Dicom, set
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