Venezuela comes by registering a Sharp depreciation of the bolivar (Bs.) against the dollar in recent days. Report submitted Central Bank (BCV) The currency depreciated by 21% in a week and that has created a surge in basic needs, including pre-cooked corn flour, essential for making arepas.
Price of pan flour and other brands have changed in last 72 hours. According to the current BCV official rate, the product is 9 Bs. (1.14 dollars) to 13 Bs (1.65 dollars), local media indicated.
Price of pan flour and other brands in Venezuela
|Type of flour||Expenditure before demonetisation (Bs.) – (Dollars)||Expenditure after Demonetization (Bs.) – (Dollars)|
|Bread flour||9 ps ($1.14)||13 Bs. (1.65 dollars) to 18 Bs (2.29 dollars).|
According to the central bank rate on Saturday, August 27, equivalent to 2.27 dollars, Bs. A picture of PAN Maa being served in an institution at 17.84 has gone viral on social media. In this way, its value will double with respect to what it reflected before last week’s demonetization.
A user reported that prices of flour and other basic commodities have gone up at a company located in Barkisimeto, Lara State.
The price may vary depending on the company where it is offered, the region of Venezuela or if it is offered at a parallel market rate. Pharmadoto Portal, a reputed pharmacy chain, BS. 10.90 ($1.38) and sells the product.
This Monday, August 29, A dollar is worth Bs in the parallel market. 8.41 (DolarToday) and 8.34 Bs (Vzla in parallel); It is quoted in the Central Bank of Venezuela B.S. 7,82.
Amid a strong devaluation, Nicolás Maduro’s government has conducted inspections of businesses to ensure products are sold under the official dollar price and not at black market prices.
“I ask people for maximum conscience, I ask traders for maximum conscience, I ask people for a fighting spirit, not to allow themselves to be robbed by the parallel dollar,” Maduro said on August 26.
Chief Economist at Ecoanalytica, Luis Arturo BarcenasEFE was told by the Madurista government that it had recently made a “significant injection” of bolivars into the economy, after pressure from public servants who demanded the payment of labor benefits when there were not enough dollars to cover the increase in demand for the currency. .
According to Barcenas, The recent appreciation of the dollar “reveals how weak it is to maintain exchange stability through interventions in foreign exchange sales.”Without attacking the fundamental problem”, he pointed out the lack of trust and credibility in Venezuela’s currency and BCV’s actions.
Current rate of dollar in Venezuela: Updated as of August 31
- DolarToday: B.S. 8,20
- Dollar Monitor: B.S. 8.24
- @EnParaleloVzla: P.S. 8,15
- Central Bank of Venezuela: PS. 7.89
- Tasty Dollar: B.S. 7.89
Venezuela’s Observatory for Socioeconomic Rights (SUNDE) this Saturday commissioned its lawyers to verify that businesses in at least nine of the country’s 23 states are using the official dollar rate set by the Central Bank (BCV) at 7.82 bolivars. And it registered a 27% increase in the last week.
“Following the instructions of the National Trade and Superintendent, Dheliz Alvarez, Sundde lawyers verify the strict compliance and publication of the official BCV rate, which protects the socioeconomic rights of the people,” the organization said through its Twitter account.
Inflation to rise in August in Venezuela
After the price hike, some economists forecast an increase in inflation in August, which recorded monthly rates of 11.4% and 7.5% in June and July, respectively, the two highest increases so far in the year.
The price of pan flour rose by 15 bolivars
The price of a packet of pan flour has gone up to 15 bolivars In stores in eastern Venezuela on Thursday, August 25. Consumers attributed the increase to unofficial dollar appreciation.
Maduro urges Venezuelans “not to be robbed” ahead of dollar’s rise
Venezuelan President Nicolas Maduro called on Venezuelans to “not be robbed” amid a surge in the value of the dollar in Venezuelan stores, which has risen on both the official and parallel markets.
“I ask people for maximum conscience, businessmen for maximum conscience, I ask people for a fighting spirit and not to allow themselves to be robbed by the parallel dollar,” Maduro said.
“Then an unscrupulous group is coming to shoot the parallel dollar in a fictitious and false way, so that a group of businessmen are also coming to rob people. Don’t screw it (don’t let it), don’t let people screw it, enough speculation, we are going to fight for macroeconomic stability”, he continued.
Venezuela “has problems monetizing foreign exchange from oil sales”
Luis Arturo Bárcenas, chief economist at Ecoanalitica, explained that Venezuela is “facing problems generating foreign currency from oil sales” – its main source of income – due to financial sanctions imposed against Russia for its war in Ukraine. The payments received by the Caribbean country go through the Eurasian corporation.
According to Bárcenas, the recent appreciation of the dollar “reveals how weak it is to maintain exchange stability through foreign currency sales interventions without attacking the underlying problem,” namely, Venezuela’s lack of confidence and credibility in its currency and BCV shares.
Black week: Dollar rises in Venezuela
Dollar rises again Venezuela. In the past five days, the local bolivar has lost a fifth of its value against the US currency, raising alarm in the inflationary country.
The official rate rose from 6.18 bolivars per dollar on Monday to 7.85 bolivars on Friday, with the local currency falling 21.07%.
BCV admits to having made 40 “interventions” this year
Jose Manuel Puente, a professor at IESA (Institute for Advanced Management Studies), says this is possible because of the “petrodollar cannon shot” resulting from the increase in crude oil prices due to the war in Ukraine. Crisis in the industry. Venezuela’s oil company produces 700,000 barrels a day, five times less than 15 years ago.
“This dollar is crazy, crazy,” complained Carina Yanez, a seller of cachapas — traditional corn tortillas — in downtown Caracas. “Where can I get it?”.
Empresas Polar opens a new distribution center in Spain
Through its subsidiary Alimentos Polar Spain, Empresas Polar opens a new distribution center in Madrid to meet the demand of 4 continents: Europe, Africa, Asia and Oceania. Sales of its products increased from 1,500 tons to 10,000 in the last 3 years and medium-term growth opportunities led the company to invest in a 4,500 square meter distribution center in Rivas Vasiamadrid.
The new distribution center will allow collection of more than 4,000 pallets for dry and frozen products, PAN pre-cooked cornmeal, Polar Pilsen beer and malted Polar Malt.
In Spain, the multinational company of Venezuelan origin already has a production center for chilled and frozen foods under the Pan brand, celebrating its second anniversary, its first facility in Europe. The company currently has a local workforce of 292 workers, a very substantial increase compared to the 93 employees employed in mid-2020.
Venezuela accuses ex-oil minister of stealing $4.85 billion
The Venezuelan government on Tuesday accused the government of stealing $4.85 billion in fraudulent loans.
Oil Minister Tareck el Aissami explained that Ramarez signed the financing agreement with the “Atlantic Administrator” in the first quarter of 2012, when he led the energy sector and headed Petroleos de Venezuela (PDVSA) under the Hugo Chávez government. (1999-2013).
With information from EFE and AFP.
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