Venezuela Central Bank sets official dollar rate near 900 bolívares

The Central Bank of Venezuela (BCV) has set the official exchange rate at approximately 897.53 to 899.27 bolívares per US dollar for November 9. This rate is derived from the weighted average of daily operations conducted by participating banking institutions.

In recent months, the BCV dollar has experienced upward pressure. While the rate rose by only 2.67% during the first nine months of 2024, it saw a significant increase of 40.66% from October through the end of the year following a shift from an anchoring policy to a controlled adjustment strategy.

Formal businesses in Venezuela are legally required to use the BCV rate for pricing and transactions. The government has reportedly increased oversight to ensure compliance, following public complaints regarding establishments using unofficial rates or alternative currencies like the euro for transactions.