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Venezuelan Businesses, Starving for Dollars, May Get Some Relief

Venezuelan Businesses, Starving for Dollars, May Get Some Relief
Photograph by Meridith Kohut/Bloomberg

Oswaldo Contreras is hoping that Venezuela’s third foreign exchange system will be the charm.

Contreras, who sells vitamins, shampoos, and accessories to pet stores, has been buying dollars on the country’s black market to pay for the products he sells, all of which are imported. Over the last year, the black market rate has soared to more than 90 bolivars to the dollar, or roughly 14 times the official exchange rate.