(Bloomberg) -- Venezuela’s central bank is boosting supplies of hard
currency in the local market in an effort to contain a sharp drop in the
value of the bolivar.

The monetary authority has sent $11.3 million and 2 million euros in
cash this month for local lenders to sell to clients, on track to exceed
the $15 million transfered in April, according to people familiar with
the matter who asked not to be identified because they weren’t
authorized to discuss it.

The cash injection is helping to reverse the bolivar’s slide in the
parallel market that most Venezuelans use to access foreign currency.
While the central bank routinely offers dollars and euros to local
banks, it has increased its offerings since last year to rein in swings
in the black market. The bolivar had fallen to a record low of 200,000
per dollar before rebounding 11% to about 180,000 per dollar as of
Wednesday.

https://www.msn.com/en-us/news/world/venezuela-floods-banks-with-dollars-to-contain-bolivar-e2-80-99s-drop/ar-BB142uaQ

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