Venezuela's official dollar rate tops 607 bolivars

The Central Bank of Venezuela (BCV) set the official exchange rate for the US dollar above 607 bolivars per dollar on June 19, with the quoted price at 607.39 bolivars. The euro, the highest‑valued foreign currency in the market, was listed at 697.36 bolivars.

Venezuelan merchants are required to apply the BCV‑mandated rate when pricing goods in dollars. After complaints on social media about retailers using unofficial rates, the government increased controls to enforce compliance. Previously, some Caracas shops had adopted the euro rate for dollar‑priced items. The BCV announced that the official rate will rise to 612.43 bolivars on June 22.

In 2024, the BCV dollar increased modestly by 2.67% during the first nine months, but projections indicate a 40.66% jump from October to year‑end following a shift from a fixed‑anchor policy to a controlled‑adjustment strategy.