3 ms·
Talk about govt friends. The govt friends here are the only ones that get dollars at the official rate. They are supposed to be importing food, medicine, electr
by rafaelm 13y ago
Talk about govt friends. The govt friends here are the only ones that get dollars at the official rate. They are supposed to be importing food, medicine, electronics,etc.
They ask for $1mill from the govt for importing 1000 refrigerators at $1000 each. They get them at Bs.6.3 so they have to pay Bs.6.300.000 for the $1mm
They import only 500 refrigerators and bribe everyone from the national guard, customs officers,etc. to say they imported 1000 refrigerators, paying their supplier only $500.000.
They sell the 500 refrigerators at Bs.15 per dollar, keep the rest of the $500.000 outside of Venezuela and then sell enough of them at the black market rate of Bs.35 to buy the next $1mm at the official market rate.
Then they ask for more dollars from the government. And the cycle continues.
Multiply this by a LOT more. Almost every govt official is in on it and it has produced a ton of multi-millionaires.