Venezuela's official dollar rate rises to 721 bolívares, fueling price hikes

The Central Bank of Venezuela (BCV) announced that the official exchange rate for the U.S. dollar closed at 709.69 bolívares on 10 July and rose to 721.34 bolívares on 13 July. The euro rate increased from 811.44 to 823.94 bolívares over the same period. In both updates the BCV also released the consumer price index, noting a 6.3 % month‑on‑month rise – the lowest inflation reading in 19 months – and reiterated its renewed links with the World Bank and IMF.

Analyst Alejandro Grisanti said the market shows signs of gradual normalization, while the BCV continues to combine cash‑sale interventions with other measures. Consumers in Caracas report that the official rate, now near 700 bolívares, is eroding purchasing power, with staple goods such as eggs and meat seeing price jumps of 12 % or more in a week, underscoring persistent inflation pressures.