Venezuelan merchants demand the use of the official exchange rate in sales with foreign currency

Caracas, 18 years ago (EFE).- The National Council of Commerce and Services (Consecomercio) of Venezuela urged citizens this Sunday to Demand the official exchange rate in foreign currency transactions -as is usual in the country after hyperinflation-, due to the use of higher rates by some “informal businesses” in calculating the equivalent in bolivars, the local currency.

“The call is for consumers to demand compliance with the regulations. To the extent that this happens, the market will benefit.said the president of the union, Gustavo Valecillos, quoted in a press release.

In this regard, he urged merchants to respect the regulations for foreign currency transactions, which prohibit the establishment of an exchange rate higher than that set by the Central Bank of Venezuela (BCV).

He also stressed that It is essential to “keep an eye on” the BCV exchange ratein order to guarantee “transparency” and “compliance” with the law.

This Tuesday, the Ministry of National Commerce, through the National Superintendence for the Defense of Socioeconomic Rights, launched the ‘National plan for verification of compliance with the BCV exchange rate’ in food and grocery stores, which aims, among other things, to “avoid economic distortions.”

The ministry explained that it is verifying that commercial establishments publish and comply with “the correct use of the official exchange rate” in transactions with foreign currency.

Venezuelans have unofficially adopted the use of foreign currency, mostly dollars, to protect their income following the period of hyperinflation that Venezuela experienced from 2017 to 2021, when the value of the bolivar was reduced, as well as the confidence of citizens in it.

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