The gap between the official and black market rate is mounting as well, nearing 100% in an economy that has become increasingly dollarised as a way to tackle hyperinflation.

Even though President Nicolas Maduro projected economic growth of nearly 9% in 2025, the oil-rich South American country has seen a sharp decline, with inflation soaring and hard currency in short supply.

US President Donald Trump has piled the pressure on Maduro, stiffening sanctions and ordering the seizure of “sanctioned oil vessels” sailing to and from Venezuela.

Venezuela’s central bank on Wednesday set the official rate at 301.37 bolivars to the US dollar, a rate in effect until Jan 2. That marks a 479.25% increase from the rate of 52.02 bolivars to the dollar posted in early 2025.

On the black market, where prices are determined by crypto exchange platforms, one US dollar is going for nearly 560 bolivars – at least an 85% difference with the official rate.

Economists say that 80% of Venezuela’s currency exchanges are carried out on such platforms.

Inflation could ultimately pass the astronomical rate of 500% in 2025, according to estimates from private firms. Official data has not been published since October 2024.

Venezuela has been under a US oil embargo since 2019 and exports the vast majority of its output on the black market at a sharp discount.