The parallel exchange rate in Venezuela could cross 32 bolivars by the end of July, according to financial firm Síntesis Financiera, forecasting a 10% increase throughout the month.
The firm, led by economists Tamara Herrera and Ruth de Krivoy, projects that the parallel market rate will close at 32.45 bolivars per dollar, while the official rate will be 29.91 bolivars per dollar.
In the parallel market, this figure doubles the increase seen last month, while the exchange rate set by the Central Bank of Venezuela (BCV) saw an identical rise in both months, at 6.7%.
The firm anticipates this exchange rate trend will raise July’s inflation to nearly 9%. This factor, combined with a new law taxing door-to-door imports, will impact the economy.
The disparity between the two markets has consistently expanded over the past three weeks, growing by at least 8.5%—almost twice June’s closing figure of 4.9%.
On average, the financial firm stated that the daily gap was at 6.4% for the month, higher than last month’s daily average of 5.0%.
Furthermore, the Venezuelan Observatory of Finance (OVF) has reported that the Venezuelan economy has entered a new recession, highlighting a 7.6% drop in the Monthly Economic Activity Index during Q1 of the year, followed by a 6.3% fall in Q2.