Venezuela official dollar rate rises to 857.89 bolívares

The official exchange rate in Venezuela rose on September 29, with the Central Bank of Venezuela (BCV) reporting the US dollar at 857.88 to 857.89 bolívares. The euro was valued at 974.71 bolívares.

President Nicolás Maduro has described the use of the US dollar as a ‘valve of escape’ against economic challenges, though he maintains that the national economy is not officially dollarized. While the BCV rate saw a modest increase of 2.67% during the first nine months of 2024, it experienced a significant jump 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 are legally required to use the BCV rate for transactions. The government has increased oversight to ensure compliance, following reports of merchants using unofficial rates or alternative currencies like the euro to set prices.