The bolivar devalued 28% during the first quarter of this year against the US dollarwhose price, in the official market, closed this Friday at 24.52 bolivars.
The official price of the dollar – a reference to set almost all prices in the country – has increased by 39.7% so far this yearwhen it opened with a price of 17.55 bolivars, according to the Central Bank of Venezuela.
After a first month and a half of accelerated increases, the price of the currency stopped these increases at the end of Februarya trend that continued for almost three weeks, until the end of March, when it returned to register continuous increases.
This stability was, in the opinion of experts, “cyclical”, since during March the Income Tax (ISLR) is declared and paid, forced to be done in bolivars, whose demand, therefore, increases.
In Venezuela, where almost everything is paid in dollars, the increase in the value of this currency has a direct impact on the prices of goods and services, due to the constant devaluation of the bolivar, which forced merchants to change prices on a daily basis. .
Besides, the increase in the dollar mainly affects public workers and pensionerswho have a monthly income of 130 bolivars, an amount that, at the official exchange rate, fell from $7.40 to $5.30 in the first quarter of the year.
