Title : Venezuela's Currency Has Collapsed
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Venezuela's Currency Has Collapsed
* New platforms for tracking rate show prices about 30% weaker
* Independent forex websites are widely followed by Venezuelans
Venezuela’s currency is worth even less than previously believed, with new trackers of the black-market rate showing deep discounts compared with the long-standing benchmark gauge.
Rates from the widely watched Dolartoday.com, known for arousing President Nicolas Maduro’s ire on state TV, have lagged behind other markers that show prices about 30 percent weaker. While the U.S.-based website posts a rate of 251,000 bolivars per dollar, DolarPro has it at 362,000 and e-wallet AirTM is selling dollars for 313,000 bolivars each.
“It’s about confidence, and Venezuelans feel that their dollars are worth more than DolarToday rates,” said Henkel Garcia, the director of the Caracas consultancy Econometrica. “In a market lacking information, new indicators will appear, and consumers will ultimately determine their sell price.”
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WNU Editor: Venezuela's currency is definitely finished, and knocking off zeros from it is not the solution .... Venezuela knocks three zeros off ailing currency amid hyperinflation (Reuters).
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