Venezuela Bolivar Devalues 89% in Start of New FX Market | Zero ...

Venezuela’s exchange rate is a Gordian Knot of rules and regulations meant to baffle onlookers with bullshit and, we suspect, hide the hyperinflation from prying eyes just a little longer.Today’s launch of SICAD II, a new currency market which allows the free-market to bid for USD (in Bolivars), appears to be an effort to provide liquidity to a black-market for dollars. SICAD II priced at 55 Bolivars today – an 89% devaluation from the official rate of 6.29 (and another auction-based rate SICAD I – applicable to some firms – of 10.8).This new SICAD II rate will replace SICAD I as the official tourist rate.Confused? You should be – the bottom line is that Maduro and his cronies continue to suppress the reality of a hyperinflating currency …


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