US-dollar soars 18-fold in Venezuela

Baku. 14 November. REPORT.AZ/ US-dollar exchange rate (cash) in Venezuela since beginning of this year has increased 18-fold to 55 000 Venezuelan Bolivars (VEF).

Report informs, US-dollar has climbed by 20% just for the last week. The rise of dollar in Venezuela that is in economic crisis was caused by news about curbing the oil output on October below 2 mln. barrels per day for the first time in 28 years.

Venezuelan oil output in October decreased by 1,30 thsd barrels per day or by 6,25% as compared with September and fell to 1.95 mln. barrels per day. In 2015, oil output fell by 700 thsd barrels per day or 26% in annual comparison.

Notably, US President Donald Trump has signed a decree to impose financial sanctions on Venezuela on August 25. Several days ago in accordance with mutual agreement Venezuela managed to restructure $1 billion debt to Russia.

International Monetary Fund (IMF) predicts the inflation in Venezuela for this year 653% and 2350% in 2018.