Rising tensions between the United States and Venezuela, including tighter sanctions linked to Venezuela’s oil trade, come as the country’s currency continues to slide, with the official cost of buying a US dollar rising by nearly 480% over the past 12 months.
Venezuela’s central bank on Wednesday set the official exchange rate at 301.37 bolívars to the US dollar, a rate in effect until January 2 — compared to a rate of 52.02 bolívars to the dollar at the start of 2025, highlighting the extent to which the local currency has lost value.
