You see, it is assumed that for every 2.15 BsF that you have in your pocket, the Central Bank of Venezuela should have $ 1 (or its equivalent in other currencies) in international reserves.
Supposedly, the BCV can not create Bs, except when receiving foreign currency. So legally, you Rs 2.15 each entitle him to have $ 1 of reserves.The dollar is yours and nobody else, by natural right, as it somehow.
However, when the government established an exchange control in February 2003 not only established a fixed exchange rate between U.S. dollar and the Bolivar (then 1,600 Bs / $), but also restricted the freedom of the Venezuelan bolivar to change their dollars for their international reserves. Like all freedom-being, the Venezuelan government was only able to respond to the situation caused by unemployment (or sabotage, according to taste) oil murdering a fundamental freedom of every individual: to dispose of their property as they see fit.
Many other countries have fixed exchange rates against other currencies, such as the U.S. dollar is fixed at HK $ 7.8 for the “Hong Kong Monetary Authority. But anyone can buy or sell any currency in Hong Kong. So the emergence of “parallel dollar” is not attributable to the fixed exchange rate, but the restriction on the freedom of change.
While the government was curtailing basic individual freedom, the bureaucrats left a hole in the legal structure of the exchange control, represented by the existence of financial papers that could be negotiated locally in bolivars in the Caracas Stock Exchange and dollar in international financial markets.
Among these papers were the actions of the infamous nationalized CANTV and bond debt the same government issues.
It is worth remembering that this “quirk” is not original of this change control. When another liberticidal, Rafael Caldera, decided to do the same in 1994, a similar hole was opened in the control of changes, giving rise to the emergence of “dollar Brady, whose name derived from the fact that the dollars were obtained by buying Venezuelan Brady Bonds Bs dollar and then selling them abroad.
The more things change the more they stay the same.
So this time, shares of CANTV was selected to serve as an intermediary between the Bs and the dollars that rightfully belong to you naturally.
And after the nationalization of CANTV and the consequent disappearance of the “CANTV dollar,” were the bonds of the same government, who took the baton. If the government wants to eliminate the parallel market all you have to do is ban the sale abroad of the bonds issued in bolivar in Venezuela.
But the business of parallel bonds and the dollar has been a bonanza for certain members of the “boliburgesía” who are, of course, we huddled in the arms of the “socialists currently in power