Venezuela black market?

Show all answers

Hey1023

That's not precisely true.

The government of Venezuela limits the amount of Bolivars that a single individual can exchange to foreign currency in the period of a year in order to sustain the fixed value of the currency. The government makes it hard for Venezuelans to buy foreign currency; it takes a lot of paper work, time and energy.

Venezuela is a country that depends heavily on imports and it took little time for a massive black market for foreign currency to form. The price of foreign currency in the black market is much more expensive (in bolivars) than the foreign currency provided by the government. That is, Venezuelans have to give away more Bolivars per unit of foreign currency than what they would have to give if they bought it from the government.

What some people did to make money out of it:

The government gives each individual the right to exchange 400$ in credit card purchases (used to be 4000$) and 2000$ for traveling expenses. So, what people did was to "buy" products abroad, later they figured out how to get the money back, they exchanged it at the black market rate and later they paid their credit card bills in bolivars at the government exchange rate.

For example, they would buy a computer for 2000$, sell it, exchange 1000$ of the 2000$ in the black market, pay their credit card bill (valued at 1000$ in terms of the black market exchange rate but 2000$ in terms of the government exchange rate) and keep the other 1000$.

I-rod

That's not true. Venezuela is the only country in the world who can't exchanges their currency to dollars since the government prohibited back in 2001 to reduce inflation which have had increase since then.

Venezuelans can only use $2500 a year and $400 online trough their credit cards. The person who doesn't have one, only have the right of $600 in cash showing their airplane ticket at least 10 days before leaving. None of these is free, they have to have that money in the bank in advance, therefore it is use as a debit card.

A year ago, it used to be $5000 and some people could by some merchandise in other country and re sell it in Venezuela, so they could make a profit. But in 2009 the gov. cut it in 50% so now venezuelans only have available $2500.

P.D. CADIVI is the company in charge of the exchange of currency in Venezuela which is from the gov. and some diplomatics, students, and some specials companies have the chance to exchange currency by the right exchange with the approval of the Venezuelan counsil, and anybody else involve in it.

TiburÃ³n â—„FreeStyleâ–º

Yes, you can do that with CADIVI cupons but you have to be venezuelan citizen.

Stefan

I have your answer I reviewed google, yahoo and alexa and found this
check it out
http://img27.imageshack.us/img27/6208/4copycopy2.jpg I will check and let you know

Enter Your Message or Comment

User Name:
User Email:
Post a comment: