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| Venezuela's currency is set to lose more than 50% of its value against the US dollar in 2023. (Source: Bloomberg) |
Venezuela's bolivar currency has lost more than half its value (51.18%) in 2023 against the US dollar, according to official market prices that closed on December 29 - the last business day of the year.
The Central Bank of Venezuela (BCV) said the exchange rate between the Bolivar and the USD is 35.95/1, an increase of 104.8% compared to the exchange rate at the beginning of the year of 17.55/1.
According to official data, the appreciation of the US dollar has affected domestic prices, causing Venezuela's inflation to accumulate to 182.9% in the first 11 months of 2023, while reducing the purchasing power of the population, especially the majority of civil servants and about 4 million retirees, whose average pension is 130 bolivars, equivalent to 3.61 USD at current prices.
The Association of Professors of the Central University of Venezuela (Apucv) estimates the monthly salary of a teacher at around 522.16 bolivars, equivalent to $14.50, due to the devaluation of the local currency.
The independent Venezuelan Financial Observatory (OVF) predicts that the price of the USD in Venezuela will continue to double in 2024.
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