The trend is on the rise as currency crisis worsens
In a most recent attempt by the Venezuelan Central Bank to curb the galloping devaluation of money and shortage of cash, the apex bank saw the need to issue fresh notes which it stated has helped a little. Meanwhile Venezuelans in Caracas are sidestepping the bolivar which is the country’s local currency in favor of the US dollar. This trend is on the rise as the crisis on the country’s currency worsens.
Amid international sanctions, the value of the bolivar has continued to plummet leaving the people in desperate need for the hard currency like the US dollar.