The bolívar lost 5.8% against the dollar in August

The bolívar fell 5.8% against the U.S. dollar in August, continuing a more than 20-month run of depreciation but at a slower pace than in July.

According to the Central Bank of Venezuela, the dollar closed Monday at 794.99 bolívars. The official exchange rate rose from 748.78 bolívars on the first business day of August, an increase of about 6% over the month.

The decline follows a 15% fall in July, when the national currency weakened amid the national emergency caused by the June 24 earthquakes. Since opening the year at 301.37 bolívars per dollar, the dollar’s official price has increased 163.7%. The bolívar has lost 62% of its value in 2026.

The exchange-rate pressure has affected purchasing power for people paid in bolívars. Official data put accumulated inflation at 175.5% through July, when prices rose 19.9%, 6.1 percentage points more than in June. Public-service tariffs and the state payroll remain denominated in bolívars.

Opposition lawmaker Antonio Ecarri renewed his call for formal dollarization, saying it would protect workers, businesses and merchants from devaluation and inflation. He announced that U.S. economist Steve Hanke would visit to provide technical advice. Parliamentary president Jorge Rodríguez responded by ordering Ecarri’s removal as head of the Venezuela-U.S. Parliamentary Friendship Group.

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The idea of formally dollarizing the Venezuelan economy is intended to protect workers, entrepreneurs and merchants from this infernal devaluation and inflation.