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Three months after the "economic recovery plan" the bolivar is worth 29% less

November 28, 2018 11:03 PM
After lasting on November 28, 2018, 23:17 PM

Ten days after President Nicolás Maduro announced the salary increase to 1,800 sovereign bolivars, that is, on August 29 this year, the Exchange Market Exchange Exchange System (Dicom) exchange rates auction was set dollar at 60.89 bolivar, and the euro price, now benchmarking all government operations, was 71.16 bolivar.

The monthly minimum wage was $ 29.87 (or 25.29 euros) if the Dicom rate was considered.

This Wednesday, just three months later, Venezuela's Central Bank announced the new results of the Dicom auction that showed the bolivar's return to international currency, placing the dollar at 85.87 bolivar and & # 39; r euros in BsS 96, 84

The exchange rate variation was 41.02%, and the bolivar depreciation in relation to the dollar was 29.09%, that is, the salary established by Maduro has fallen by almost 30% value in relation to dollar. with the moment the announcement of the economic recovery program.

The depreciation, taking into account the euro, is 25.89%.

For practical purposes, Venezuelans could be said to receive a minimum wage in September of 30 dollars a month, taking a reference as a Dicom rate, and at the end of November, that salary dropped to 20 dollars.

The reduction in the value of the currency in the adjacent market is considered even more.

The problem of pay in Venezuela

Miguel Velarde, economist explained to him The National We Salaries in Venezuela have two aspects for which they should be analyzed: hyperinflation and loss of buying power.

"Everything is rising rapidly and the purchasing power of the pay is falling, that is, the real value of the sovereign bolivars received by Venezuelan workers is getting smaller," he said.

For the economist, the problem, however, goes far beyond the quotation of official rates. The difficult access to official money means that businesses have to look for alternatives to maintain imports and supply the country.

"For a long time there are products whose price rely on an unofficial exchange rate. There are many more talking about products that are not produced here. Importers need to import, and get those dollars. You must search for alternatives because the Dicom has a restriction, "he said.

Velarde explained that the buying power, therefore, was lower down because the rate had grown in the past three months.

"If the salary is assumed to be governed by that kind of change, it has been depreciated and the fact is that it is still much more in terms of the parallel exchange rate. which Venezuelans must reach are governed by the official rate. "

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