Fabiola Zerpa and Nicolle Yapur, Bloomberg News
EnergiesNet.com 05 04 2023
Venezuela’s central bank sold more than $1 billion of hard currency in the first four months of the year, almost 40% more than a year earlier, as the government attempts to stabilize the crumbling local currency, the bolivar.
The bank has been able to up its supply of dollars to the market this year thanks to increased oil exports, which reached a 16-month high in April following Chevron Corp.’s resumption of production and shipments.
The efforts have been able to combat depreciation and contain inflation, with the bolivar’s value against the dollar stabilizing after taking a major hit late last year.
bloomberg.com 05 03 2023