Remittances no longer cover the needs of families in Venezuela

Some Venezuelan families who receive remittances sent from abroad by their relatives assure that this money has lost its value as a result of fluctuations in the price of the dollar.

“Today you go out with 100 dollars, you make a market and cover the ticket for a month. look, 30 dollars only on average goes to tickets”, explained the interviewee Robert Sánchez

However, in recent months, many Venezuelans stopped sending the same amount of money, as a result of the cost of services abroad.

“Living conditions in developed and first world countries require very high incomes to be able to maintain the standard of living that those countries maintain for their citizens,” added the respondent Elisaul Lizardo.

The Living Conditions Survey presented by the Andrés Bello Catholic University (UCAB) in 2022 revealed that only 49% of the diaspora is sending remittances.

devalued bolivar

The purchasing power of Venezuelans in a market marked by inflation and minimum wages frozen for a year is practically non-existent, especially considering that the State itself has anchored most of its income in terms of taxes and administrative procedures, to the digital currency Petro, whose current price exceeds 11 minimum wages.

Since last year, when the Venezuelan currency lost 73% of its value against the dollar, compared to the currency price as of December 30, 2022, “the devaluation of the bolivar has not stopped.”

With information from Union Radio