Venezuela's currency fell off a cliff [View all]

[Bacchus4.0]

http://uk.businessinsider.com/currency-tumbles-as-venezuelans-look-to-offload-bolivars-2015-5

A staggering plunge in the free-market value of Venezuelan currency sent people scrambling to sell off their depreciating bolivars Friday.

The widely followed website DolarToday, which tracks exchanges along the Colombian border, reported that the South American country's currency lost a quarter of its value over the last eight days.

The site's app has become so ubiquitous that everyone in smartphone-obsessed Caracas seemed to find out about the crash through 400 to the dollar at the same instant, as DolarToday sent out a series of alerts announcing the new numbers under the headline "hyperinflation!"

Venezuelan currency was trading at 415 bolivars per dollar Friday, according to the site. That's down from 300 bolivars per dollar on May 14. It stood at 173 when the year started.


Read more: http://uk.businessinsider.com/currency-tumbles-as-venezuelans-look-to-offload-bolivars-2015-5#ixzz3ayFQIR42