The president of Venezuela, Nicolás Maduro, called on Venezuelans this Thursday not to let themselves be robbed in the country’s stores amid an increase in the price of the dollar, which has skyrocketed this week both in the official market as in the parallel.
“I ask the people for maximum conscience, I ask the merchants for maximum conscience, I ask the people for a fighting spirit and not to allow themselves to be robbed with the parallel dollar,” said the president in a ceremony held in the state of Falcón that was broadcast by the state channel VTV.
Venezuela’s currency, the bolivar, has been devalued by 20.3% against the dollar in just four days, according to the official price offered by the Central Bank (BCV), while in the parallel market the price of the dollar is at 9.33, which shows an even greater depreciation of the local currency sign.
For this reason, Maduro stressed today that the “legal dollar” is the one reported by the BCV, which, he explained, is governed by the market and “has been working well,” alluding to the relative exchange rate stability that the country has shown in the last year, after a five-year period of daily devaluations.
“Then an unscrupulous group comes to shoot the parallel dollar in a fictitious and false way so that a group of merchants who are also unscrupulous come to rob the town. speculation, we are going to fight for macroeconomic stability,” he continued.
As the gap between the two exchange rates widens, something that happened in previous years, people and businesses choose to transact their operations in the one that yields the highest profit, which marginalizes the BCV as a point of reference, something that this year had not happened.
“They intend to disrupt the economic recovery and once again take out the file on the parallel dollar (…) that no one try to torpedo and damage the economic recovery, that rather we all help the country to fully recover,” the president added.
The BCV reported on Tuesday that the country’s economic activity grew 14.65% and 19.07% in the third and fourth quarters of 2021, respectively, while the improvement in the first three months of 2022 was 17.04%, and between April and June it was, still as an estimated calculation, 18.7%.