CARACAS (Reuters) - Venezuela’s central bank said on Wednesday the exchange rate of its recently-created Dicom currency auction system moved to 2,640 bolivars per dollar, a 17 percent devaluation from the previous rate of 2,200 bolivars.
The weekly auction saw some $30.3 million sold, mostly to businesses, a relatively low amount suggesting that the mechanism introduced in May will fail to assuage demand for greenbacks in the crisis-hit OPEC member country.
The new Dicom auctions are another addition to the country’s already complex currency controls, the fifth such plan in four years by a socialist government that has repeatedly balked at revamping its crumbling, state-led economic system.
On the black market, a dollar fetches more than 8,000 bolivars, while there is another official rate for priority goods like foods and medicines at 10 bolivars.
Reporting by Deisy Buitrago and Diego Ore, writing by Andrew Cawthorne, editing by G Crosse