At the twentieth Central Bank Dicom auction held on 28 June, the bolivar sold at 134,262.5 VEF per EUR (approximately 115,000 VEF per USD), weakening 20.1% from the 111,734.4 VEF per EUR (approximately 96,000 VEF per USD) rate in the previous auction held on 25 June. The Bank offered nearly USD 1.0 million, which was far above the amount allocated in the previous auction.
Despite the official bolivar’s persistent loss of value, it remains grossly overvalued when compared to its parallel rate. On 28 June, the bolivar traded at 3.4 million VEF per USD, strikingly below 25 June’s 2.9 million VEF per USD.
Currently there are four exchange rates: First is the official one, called CENCOEX, and which charges 6.30 bolivars to the dollar. It is only intended for the importation of food and medicine.
The next two exchange rates are SICAD I (12 bolivars per dollar) and SICAD 2 (50 bolivars per dollar); they assign dollars to enterprises that import all other types of goods. Because of the fact that US dollars are limited, coupons are auctioned only sporadically; usually weekly in the case of SICAD 1 and daily for SICAD 2. However, due to the economic crisis, no dollars have been allocated for these foreign exchange transactions and there hasn’t been an auction since August 18, 2015. As of November 2015, the Venezuelan government held only $16 billion in foreign exchange reserves, the lowest level in over ten years, and an amount that will dry up completely in four years time at the current rate of depletion.
The last and newest exchange rate is the SIMADI, currently at 200 bolivars per dollar. This rate is reserved for the purchase and sale of foreign currency to individuals and businesses.
RT NestorReverol: Han sido capturados dos ex oficiales de la #FANB, quienes eran operadores logísticos de un grupo de sicarios que ingresaron desde #Colombia y que pretendían cometer asesinatos selectivos a líderes políticos y militares para elevar la zo… pic.twitter.com/DWVshGkH58— patricia tovar (@Paty_Beso) January 31, 2019