Venezuelan dollar climbs past 674 bolívares as BCV enforces official rate

The Central Bank of Venezuela (BCV) set the official exchange rate at 674.93 bolívares per US dollar on 7 July, breaking the 674‑bolívar mark. The bank has stepped up enforcement, requiring merchants that price in dollars to use the official rate.

Economist José Guerra noted that the dollar surged to 667.05 bolívares on 3 July, a rise of 27.35 bolívares in two days, and warned that if the upward trend continues the rate could reach around 1,600 bolívares by year‑end. He described the BCV’s policy as an “aggressive devaluation” aimed at narrowing the gap between the intervention rate and the published official rate, but criticized the lack of transparency.

The recent June 24 earthquakes have shifted the priority for foreign‑exchange allocation toward reconstruction and fiscal spending, leaving less currency for market interventions. Informal markets are already quoting much higher rates—up to 900–1,000 bolívares per dollar in some cities—pressuring consumers’ purchasing power.