In Venezuela, the reign of the dollar

Audio 19:30

In Caracas, the price of a generator is indicated in dollars in a store on December 12, 2019. Reuters / Manaure Quintero

By: Benjamin Delille Follow

In Venezuela, the dollar is becoming the national default currency. With hyperinflation, which was around 9,500% in 2019 according to the Venezuelan Central Bank, locals who can do so are turning away from the bolivar and using more and more foreign currency, especially the US dollar.

Publicity

In parallel with a Venezuelan economy in free fall, an informal, dollarized economy is developing, which offers the richest an illusion of prosperity after months of shortages and deprivation. For the poorest who do not have access to the greenback, however, nothing is getting better.

"In Venezuela, the reign of the dollar" is a great report by Benjamin Delille.

(Replay May 26 and August 20, 2020).

Newsletter Receive all the international news directly in your mailbox

I subscribe

Follow all the international news by downloading the RFI application

google-play-badge_FR

  • Venezuela
  • Currencies
  • Economy

On the same subject

In Caracas, Lavrov condemns US sanctions against Venezuela

Venezuela: economy, in free fall, benefits the dollar

In Venezuela, pastoralists can no longer produce enough because of the crisis