A cashier counts bolivars at money exchange in Caracas, Febreuary 24, 2015. Reuters/Carlos Garcia Rawlins
IBTimes: Venezuela's Currency Sinks To Record Low On The Black Market
Venezuela’s currency, the bolivar, hit fresh lows this week on the black market, breaking a new record at 400 bolivars to the dollar. The currency has been rapidly tumbling in recent weeks on the parallel market, which many analysts consider a strong indicator of where the currency stands in light of stringent government controls and a severe scarcity of U.S. dollars.
The bolivar’s tumble broke the 400-to-1 exchange barrier Wednesday evening, according to website DolarToday, which monitors the currency’s rate against the dollar on the black market. That figure brings the currency more than 60 times the government’s primary official rate, required for most foreign exchange transactions.
Update #1: Venezuela's currency fell off a cliff -- AP
Update #2: Venezuela unofficial exchange rate weakens to 400 bolivars per dollar -- Reuters
WNU Editor: Being someone experienced such a currency crisis (in Russia) and is now witnessing his family members in another going through it right now (Ukraine) .... for those with low or fixed incomes in Venezuela .... they are now in hell.
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