Venezuela’s Largest Bill Buys 16 U.S. Cents After 30% Plunge

Venezuela’s largest bank note of 100 bolivars is now worth about 16 U.S. cents on the black market, following a 33 percent plunge in the past month. The currency weakened to 616 per dollar Thursday, meaning the greenback fetches 100 times more bolivars in the black market than it does at the primary official rate, according to data compiled by foreign-exchange website dolartoday.com.  Venezuela has maintained strict currency controls since 2003, pushing people and businesses to illegal street trading when they can’t obtain government approval to purchase the U.S currency at the legal rates. The bolivar has tumbled 88 percent in the unofficial markets over the past year amid the fastest inflation in the world and as President Nicolas Maduro’s administration prints more currency to pay budget expenses. More…