The dollar price in Venezuela, according to DolarToday, operates amid the announcement that oil companies will start shipping Venezuelan crude to Europe possibly next month
PRICE OF THE DOLLAR IN VENEZUELA THIS JUNE 12
The dollar stood at 5.45 digital bolivars today in the informal market in Venezuela, according to data from the portal DolarToday
WHAT HAPPENS TODAY IN VENEZUELA?
Italian oil company Eni SpA and Spain’s Repsol SA might start shipping Venezuelan oil to Europe next month to offset Russian crude, five people familiar with the matter told Archyde.com, resuming the search for oil for debt swaps halted. two years ago when Washington intensified sanctions once morest Venezuela.
The volume of oil Eni and Repsol are expected to receive is not large, one of the people said, and any impact on global oil prices will be modest. But the green light from Washington to resume oil flows from Venezuela to Europe might be a symbolic boost for Venezuelan President Nicolás Maduro.
On the other hand, the main state bank in Venezuela announced a few weeks ago that it will offer up to 10% of its capital in the local stock market, following President Nicolás Maduro allowed the partial opening of public companies to seek funds.
As part of the shift in economic policy to make controls more flexible, the Venezuelan president said on May 11 that between 5% and 10% of the shares of state industries such as telephone companies, mixed oil companies, among others, would be opened to domestic and foreign investors.
It should be noted that the Venezuelan president, Nicolás Maduro, set the minimum wage at US$28 per month in March, following it had been lower than US$2 due to the effects of hyperinflation, the depreciation of the local currency and eight consecutive years of recession before rebounding 4% in 2021, according to the government.
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Meanwhile, the Central Bank indicated that inflation in March was 1.4%, the lowest variation in a decade.
In the figures accumulated in the first quarter of this year it reached 11.4%, while the interannual figure (March 2021-March 2022) was 284.4%.
But despite the slowdown of the last six months, prices are still high, which continues to affect the income of families. The minimum wage in the country is equivalent to US$30.
WHAT IS THE DIGITAL BOLÍVAR?
It is the currency that governs the country following the third monetary reconversion that was applied by the Government. The new reconversion implied that for every million sovereign bolívares a digital bolívar would be obtained or, what is the same, six zeros of the amounts previously drawn would be erased.
