Caracas, May 29 (EFE).- Venezuela’s currency, the bolívar, has lost 45% of its value against the United States dollar in the official market in 2026.
The US currency was trading at 549.37 bolívares on Friday, the last business day of the month.
The dollar’s exchange rate, which is the main reference for setting prices in the country, has surged by 82.2% since early January, when it stood at 301.37 bolívares, according to the Central Bank of Venezuela (BCV).
The BCV updates the exchange rate daily based on the closing of currency operations by financial institutions.
In May alone, the US dollar rose 12.2% from 489.55 bolívares, representing a 10.8% devaluation of the bolívar during that period.
In the previous year, 2025, the bolívar devalued by 82% against the dollar, moving from 52 bolívares to 298.14 bolívares in the official market.
Experts warn that the dollar’s appreciation results in higher costs for goods and services and a sharp loss of purchasing power for wages paid in bolívares, which are primarily received by public sector workers, but also some in the private sector.
From January to April, the country accumulated a 90% inflation rate, the BCV reported.
The constant loss of value in the bolívar has led the government to pay supplementary bonuses tied to the US currency.
On April 30, Vice President Delcy Rodríguez announced an increase in these bonuses to 240 dollars for workers and 70 dollars for pensioners.
This announcement sparked indignation among various public sector unions because these bonuses do not count toward official labor benefits like vacation pay and social security contributions.
Meanwhile, the minimum wage has remained fixed at 130 bolívares since 2022. At the official exchange rate today, this amounts to only about 23 US cents, the same amount received by pensioners.
On Friday, more than a hundred retirees and pensioners protested in central Caracas outside the Ministry of Education and the Venezuelan Social Security Institute (IVSS) to demand dignified income sufficient to meet their basic needs. EFE
csm/dmv/mcd
