Venezuela's widening exchange-rate gap strains small businesses and fuels inflation

Venezuela's multimoneda system faces a deepening exchange‑rate gap, with the official dollar rate climbing above 600 bolívares and the informal market trading between 800 and 1,000 bolívares. The gap has expanded to 32.8%, prompting protests over wages and bonuses and a national call for demonstrations on 3 July.

Economist Miguel Rojas warned that the gap forces small firms to recalculate costs using real replacement rates rather than lagging official figures, risking margin erosion. He advised quarterly price monitoring and cautious inventory management. Inflation in May fell to a single‑digit 6.3% month‑on‑month – the lowest in 18 months – but annual expectations remain high and public services, especially electricity, stay unreliable.

The Central Bank’s devaluation of the bolívar since January, an 82% rise in the official rate, has driven the government to supplement wages with dollar‑valued bonuses while the minimum wage stays at 130 bolívares (about 20 US cents). Critics say the subsidies do not translate into broader labor benefits, fueling further unrest.