In Venezuela, the reign of the dollar
Audio 19:30
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).
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