Venezuela's Currency Sinks To Record Low On The Black Market

Venezuela’s currency, the bolivar, hit fresh lows this week on the black market, breaking a new record at 400 bolivars to the dollar. The currency has been rapidly tumbling in recent weeks on the parallel market, which many analysts consider a strong indicator of where the currency stands in light of stringent government controls and a severe scarcity of U.S. dollars. The bolivar’s tumble broke the 400-to-1 exchange barrier Wednesday evening, according to website DolarToday, which monitors the currency’s rate against the dollar on the black market. That figure brings the currency more than 60 times the government’s primary official rate, required for most foreign exchange transactions. More…