US-dollar rate in Venezuela up to 178,000 bolivars

Baku. 15 January. REPORT.AZ/ US-dollar exchange rate in Venezuela up to 178,000 bolivars yesterday.

Report informs, from November 22, the US currency has risen by more than 2-fold in this country.

Compared to beginning of 2017, price growth is 57 times. The reason for this fact is the low level of oil production in Venezuela in last 30 years - fall to 1.7 mln bbl/day. Over past year, oil production has dropped by 500,000 bbl/day.

Global Head of Commodities Research at Citigroup, Ed Mors said that oil production in Venezuela can drop by 700,000 barrels/day to 1 mln bbl/day till the end of 2018.

Notably, official exchange rate of US-dollar in Venezuela makes 9,98 bolivars. In other words, exchange rate in the cash foreign exchange market is 18 163 times higher than the official rate.

Notably, US President Donald Trump signed an order to impose financial sanctions against Venezuela on August 25, 2017.