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The Venezuelan Central Bank launched a new foreign exchange platform on Monday, with the official exchange rate devaluating more than 99%. Critics quickly attacked that it could not create an effective currency market.
The central bank said the exchange rate for the first auction of the new DICOM foreign exchange system was 30987.5 Bolivar per euro, equivalent to about $1, about 25000 Bolivar.
Compared with the previous DICOM exchange rate, it depreciated by about 86.6%, compared with the 1 dollar abolished last week by 99.6% against the 10 Bolivar subsidy rate.
Venezuela is experiencing a major crisis, with a four figure inflation rate and a shortage of food and medicine. Economic analysts have always regarded the country's 15 year exchange rate control system as a major obstacle to business operation.
The new exchange rate is still much lower than the black market dollar. According to the website DolarToday, the current $1 is 228000 Bolivar in the black market.
There is such a big exchange rate gap that has attracted Venezuelan people for years to buy into the dollar and get out of the black market. That has caused a shortage of hard currency, which in turn led to the lack of imports of food and medicine.

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