Venezuela’s new forex auction sees bolivar plummet

Venezuelan BOB100 note

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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