In Venezuela, price of US dollar up 479% in a year
Venezuela, currently in the throes of an escalating crisis with the United States, closed the books Wednesday on a complicated year for its economy, with the official cost of buying a US dollar up 479 percent in the last 12 months. The gap between the official and black market rate is mounting as well, nearing 100 percent in an economy that has become increasingly dollarized as a way to tackle hyperinflation.
Venezuela, currently in the throes of an escalating crisis with the United States, closed the books Wednesday on a complicated year for its economy, with the official cost of buying a US dollar up 479 percent in the last 12 months. The gap between the official and black market rate is mounting as well, nearing 100 percent in an economy that has become increasingly dollarized as a way to tackle hyperinflation.
