After a period of seven consecutive days downward, the official dollar exchange rate closed on Wednesday, March 8, with a minimum increase of 0.06% to reach Bs. 24.17 per dollar. Hours later, the exchange rate in the parallel market fell 0.2% for a value of Bs. 24.36 per dollar. The fact represented a closure in the gap between one and the other of less than 1%.
Said differential had not occurred so far this year until this Thursday, with a distance of 0.7% between one and the other..
The phenomenon was generated after the Central Bank of Venezuela (BCV) applied a liquidity tourniquet with the mission of stabilizing the US currency.
According to the specialized Banking and Finance media, the supply of dollars has been increasinga mixed phenomenon to which is added a drop in demand that has especially affected the parallel market.
The fact was to be expected at this time of year, especially before the urgency of accumulating bolivars in the business sector to pay the first cut of Income Tax.
However, the biggest doubt is knowing approximately how much longer this will last. Sources consulted by the aforementioned medium indicated that the situation could last for about two more weeksduring which major jumps in dollar prices seem unlikely.
Meanwhile, the BCV is working under the plan to allow a freer sliding of the prices so as not to excessively punish exports.
The phenomenon could curb short-scale inflationwhich has not ceased to be a constant of two monthly digits so far this year.
