I just reviewed what’s happening with the parallel dollar today, and the situation in Venezuela is getting interesting. The USDT P2P dropped sharply, from 630 to 505 VES. It seems that the BCV injected a record amount of dollars into the banking system, so they’re trying to push for official unification and curb speculation.

What’s happening is that the parallel dollar price today is adjusting because there’s more supply in the formal market. The gap between the official rate and the parallel rate is narrowing, and that’s what the central bank was looking for. The bolívar and cash in foreign currency are gaining traction in transactions.

This BCV strategy is pretty aggressive. The P2P market is readjusting, so it’s not a time to panic by selling. The situation has changed, but we’ll need to see whether this injection of dollars holds up or if the parallel rate rises again. Either way, the parallel dollar price today reflects an important shift in Venezuelan monetary policy.