Venezuelan Prostitutes Turn Currency Tricks

Your next video will start in

Recommended Videos

  • Info

  • Comments


June 11 (Bloomberg) -- Prostitution is legal in Venezuela but currency trading by individuals isn't. None of this would matter if the economy in Venezuela wasn't in such a mess, as Bloomberg's Katia Porzecanski reports. (Source: Bloomberg)

Here with details of bloomberg's -- with details, bluebirds -- bloomberg latin america reporter.

How would you put it into terms the people can enter stand, the state of economy?

It is a mess.

Economists are expecting the economy to shrink by one percent.

Right now, it is declining by half a percentage point.

There is an industry -- is not industry in this economy.

There are not jobs.

There is food shortage.

Inflation is rampant, 60% to 70%. we are dealing with very difficult tenets of living.

The for cold economic -- difficult economic times for those who live in venezuela, despite all of the oil which is in the country.


So now, let's talk about prostitution, which is legal in venezuela.

And you have written a story that documents how working as a prostitute gets hard currency earnings, which is vital to these women's families.

My colleague interviewed several prostitute in a port town.

Basically, this is something they were doing once in a while before, but now this is an economy that imports about 70% of their goods and services.

You have lots of sailors coming in and out.

They go to the port towns year-round.

And they are able to charge in dollars.

And by charging in dollars, they are taking advantage of this loophole.

They can sell those on the back -- on the black market for a lot more.

And there is just a small sector of the economy that has access to dollars.

It is the people who come in contact with foreigners.

Taxi drivers coming from the airport, cleaning crews at embassies.

They are part of this small group of people that can access the dollars.

Is the venezuelan government trying to crack out on the currency trading that results, because in this case the women have u.s. dollars and they will exchange more, buy things with them?

Yes, it is legal.

They try to shut down currency shops where they can.

It is done in patches.

They tried to create a multitier currency system.

You have an official rate, then a second rate, then a third rate, and in the black market.

Little by little, china -- they are trying to open it up, but the truth is it is not going to happen.

And based on the reporting that is done, the women see no other economic option.

Right, consider this.

They can charge $60 an hour for sex.

And for that, they will exchange that on the black market for about 4200 in their currency, an hour.

The minimum wage is the same amount per month.

Considering that for their

This text has been automatically generated. It may not be 100% accurate.


BTV Channel Finder


ZIP is required for U.S. locations

Bloomberg Television in   change