Not like we’ll be posting the price of the black market Dollar every time it spikes, but just one week ago it hit the 500 mark. DolarToday’s closing rate for this evening was Bs. 611.88. That’s a hell of a leap. [Or yeah, maybe we’re the jerks who scream the new price of the Dollar whenever it reaches a new mark. According to El Chiguire every office has one.]
Nathan Crooks pointed out on Bloomberg that -for now- the highest denomination Venezuelan bill was worth 16 cents (although I’m sure to have read in the morning that it was 17, and probably by the time you read this it’ll be much less). At its weakest, the Bolivar reached 616 on the Dollar during the day:
The currency weakened to 616 per dollar Thursday, meaning the greenback fetches 100 times more bolivars in the black market than it does at the primary official rate, according to data compiled by foreign-exchange website dolartoday.com.
I suspect this will bring back the “DolarToday method” discussion which, by the way, should be worn out by now. If you take a look at CC’s posts of the past weeks you’ll realize that the shit storm goes beyond what can be speculated in a tabloid.
In the meantime, we can do some speculating of our own. What number will the benchmark reach tomorrow? If the circle is completed and it hits 630, mirroring the official exchange rate of 6,30, will we open a rift to the past and find a laughing Hugo Chavez at the end of an inter-dimensional wormhole? Or will the road lead straight to hell and close at 666?
A wager on the end of times, quite a shameful enterprise.Caracas Chronicles is 100% reader-supported. Support independent Venezuelan journalism by making a donation.