> 'Affect us all': Venezuela's 'black dollar' skyrockets following Chevron exit / 38B489D
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'Affect us all': Venezuela's 'black dollar' skyrockets following Chevron exit / 38B489D
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Description
The "black dollar" is skyrocketing in Venezuela and with it fears of a rise in inflation and memories of the worst years of the economic crisis that forced millions of Venezuelans to migrate.
While uncertainty reigns over intensified US sanctions against Venezuela, the dollar exchange rate broke through the 100 bolivar barrier this week on the informal market that emerged in the shadow of an iron-fisted exchange control that was in force for 15 years.
The gap between the two rates, which is close to 50%, puts pressure on prices, while the authorities force businesses to abide by the official rate under threat of closure and fines. IMAGES AND SOUNDBITES