Venezuela Lets Bolivar Slide in Gamble That Risks Reigniting Inflation
- Currency depreciated by most in nearly two years in October
- Venezuelans have sought out dollars since disputed election
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Venezuela is letting the bolivar depreciate as the government tries to quell demand for US dollars that’s been rising since July’s election, risking sparking a new bout of inflation.
Officials have let the tightly managed currency slide by the most in nearly two years. It now trades for nearly 43 bolivars per dollar from about 37 at the start of October. The move is a response to the growing gap between the official and black market exchange rates.