Venezuela's new currency exchange rate for tourists not expected to lure many dollars

CARACAS, Venezuela – Visitors to Venezuela can now get more bolivars for their dollars. But with illegal money changers offering five times as much, the new exchange rate isn’t that great.

Starting on Monday tourists can get 11.3 bolivars for every dollar sold at authorized exchange houses compared with the official 6.3 rate for most transactions.

The more favourable rate will be set weekly based on the results of dollar auctions the government is expanding to arrest the currency’s decline on the black market and promote foreign investment in the oil industry., a website tracking the currency’s fluctuations, greeted the new exchange rate under the headline “In search of fools.” It said most visitors to Venezuela and holders of hard currency can fetch 64 bolivars for every dollar on the black market.