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  HOME | Venezuela (Click here for more Venezuela news)

Venezuela's 89% Voldemort Devaluation

By Sebastian Boyd
Bloomberg

Venezuela's President Nicolas Maduro hates it when journalists write about the black-market exchange rate, especially the one published by dolartoday.com. The website, reportedly run by an Alabama Home Depot employee in his spare time, is widely followed in Caracas, though veteran Venezuela watcher Russ Dallen calls it the 'Voldemort rate' because Venezuelans aren't allowed to mention it.

With that in mind, here's a chart of the dolartoday.com exchange rates.

Dolartoday today said the black market rate had gone to a record 31,109. That's an 89% devaluation this year.

Steve Hanke, who uses the black market rate to derive implied annual inflation, says it's accelerated to 2,385.76%.



 

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