EconomyDolarToday Venezuela Today, Friday, June 24: know here the...

DolarToday Venezuela Today, Friday, June 24: know here the purchase and sale price

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The dollar price in Venezuela, according to DolarToday, is trading higher this Friday, amid market and investor concerns about a possible further slowdown in the world economy that could enter a recession.

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PRICE OF THE DOLLAR IN VENEZUELA THIS JUNE 24

The dollar stood at 5.68 digital bolivars today in the informal market in Venezuela, according to data from the DolarToday portal.

WHY DID IT CLOSE UP?

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Regionally, most Latin American currencies and stocks were trading at a loss on Thursday, amid market and investor concerns about a possible further slowdown in the global economy that could slip into recession.

“The continuous rises in interest rates to curb inflation have put an additional obstacle to the recovery of the economy and there is already open talk about the possibility of a global recession, which increases the nervousness of the markets,” said a operator.

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According to the Reuters agency, the day before, the president of the United States Federal Reserve (Fed), Jerome Powell, indicated that the entity is fully committed to controlling prices, even if doing so risks facing an economic recession.

“We are not trying to cause, and I don’t think we need to cause, a recession,” Powell said at a hearing before the Senate Banking Committee, although he acknowledged that a recession was “certainly a possibility” and the events of the last few months in the world have made it more difficult to reduce inflation without causing a drop in activity.

“It is essential that we bring inflation down if we are to have a sustained period of strong labor market conditions that benefit everyone,” Powell said. The central bank will be looking in the coming months for “convincing evidence” of a slowdown in price pressures before easing interest rate hikes started three months ago.

On the other hand, President Maduro set the minimum wage at US$28 per month in March, after it had dropped to less than US$2 due to the effects of hyperinflation, the depreciation of the local currency and eight consecutive years of recession before. to rebound 4% in 2021, according to the government.

Meanwhile, the Central Bank indicated that inflation in March was 1.4%, the lowest variation in a decade.

In the figures accumulated in the first quarter of this year it reached 11.4%, while the interannual figure (March 2021-March 2022) was 284.4%.

But despite the slowdown of the last six months, prices are still high, which continues to affect the income of families. The minimum wage in the country is equivalent to US$30.

WHAT IS THE DIGITAL BOLÍVAR?

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It is the currency that governs the country after the third monetary reconversion that was applied by the Government. The new reconversion implied that for every million sovereign bolívares a digital bolívar would be obtained or, what is the same, six zeros of the amounts previously drawn would be erased.

Source: Elcomercio

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