The Fall in the Value of the Venezuelan Bolvar

The Black-Market VEF/USD Exchange Rate

0

10 VEF/USD Exchange Rate (y-axis inverted)

15

20

25

30

35

40

45

Black-Market VEF/USD Exchange Rate Official Exchange Rate

50

Apr-07

Apr-05

Apr-06

Apr-08

Apr-09

Apr-10

Apr-11

Apr-12

Apr-13

Oct-05

Oct-06

Oct-07

Oct-08

Oct-09

Oct-10

Oct-11

Oct-12

Jan-05

Jan-06

Jan-07

Jan-08

Jan-09

Jan-10

Jan-11

Jan-12

Jan-13

Jul-10

Jul-05

Jul-06

Jul-07

Jul-08

Jul-09

Jul-11

Jul-12

Sources: Dolar Paralelo, and International Monetary Fund (IFS). Prepared by: Prof. Steve H. Hanke, The Johns Hopkins University. Note: For purposes of illustrating the declining value of the Venezuelan bolvar, relative to the U.S. dollar, the y-axis is inverted.

Jul-13