4 ms·
Merchants receive VES, processing fee are exactly the same as processing a VES card. Bolivars are not worthless when you getting the full exchange value of it,
by firekvz 6y ago
Merchants receive VES, processing fee are exactly the same as processing a VES card.
Bolivars are not worthless when you getting the full exchange value of it, they render worhtless when you put them in a savings account for 1 full year, at this moment, the rate of usd/ves has kept around 1:200k for around 2 months, this kinda gets some time for people to maneuver their VES, it changes hands really quick
Central bank rate is pretty much similar as "black market one" since 1 year ago. Sometimes is even better.
As of today, 1 USD from an USD credit card in venezuela exchanges to 203.639,64 [1] while 1 usd exchanged in the "black market" gives you 205.310.06 [2]
[1] http://www.bcv.org.ve/ http://www.bcv.org.ve/
[2] https://dolartoday.com/ https://dolartoday.com/
- cortesoft 6y agoThe article says inflation is currently between 2000 and 3000% a year.... you wouldn't need to leave it in the bank very long for it to become mostly worthless
- not2b 6y ago2000% / year would be 28% per month (12th root of 20). Spend it fast.
- rglullis 6y ago> savings account for 1 full year. This is just a roundabout way of saying that the only way to not lose value is if you spend bolivars immediately. Even if the exchange rate is stable for "around 2 months", this does not mean that the currency is keeping its purchasing power. It just means that the central bank has successfully managed to keep the currency peg for this period.