Venezuela's official dollar rate doubles in first half of 2026

The Central Bank of Venezuela (BCV) reported that the official dollar exchange rate rose from 301.37 bolívares on 2 January to 623.02 bolívares on 30 June 2026, a 106.7% increase and a 51.6% depreciation of the bolívar. The rate accelerated after the first quarter, reaching 473.87 bolívares by the end of March (57% rise since the start of the year) and climbing another 31.5% to 623.02 bolívares by the end of June.

Economists attribute the surge to a combination of expanding monetary liquidity, which heightened demand for foreign currency, and tighter restrictions on the allocation of official dollars, which limited supply and reduced the BCV's ability to mitigate volatility. The higher rate has prompted households and businesses to seek greater hedging against inflation.

In parallel, the government began payments of the "Ingreso Integral de los Trabajadores" to retirees, amounting to 21,700 bolívares (about US$35) at the prevailing exchange rate.