Travel Reference
In-Depth Information
OFFICIAL VS. BLACK MARKET EXCHANGE RATES
One of the most common mistakes among first-time visitors to Venezuela is not informing
themselves of the advantages of cash (US dollars and euros in particular), over ATMs and credit
cards. Though illegal, money can be exchanged on the black market - mercado negro , oscuro
or paralelo - at rates that are around triple the o cial value. In fact, inflation is so rampant, and
foreign currency so undervalued by the federal bank, that Venezuela is almost prohibitively
expensive if you travel on ATM and credit cards alone - you can easily end up paying more for
goods and services than you would at home.
The main downside of the black market - besides the fact that it's illegal - is that it requires
you to carry your money in cash, a risky venture in a country known for high crime rates. Do
not change money at the airport as police watch the area and you'll normally get landed with
a very poor rate. It is generally possible to pay in foreign currency until you have the chance to
exchange securely and comfortably, usually with a hotel or travel agency. You will generally
get the best rates for US dollars and euros in either Caracas or Mérida. For an accurate daily
calculation of the paralelo rate see W lechugaverde.com.
Here's what to bring depending on where you're coming from:
Colombia : Colombian pesos are virtually
worthless in comparison to the Bolívar
Fuerte. Travellers entering from Colombia
should exchange local currency for US
dollars in the closest major city to your
border crossing (Bucaramanga for Cúcuta,
Cartagena for Paraguachón).
Brazil : Brazilian reais can be exchanged in
Santa Elena de Uairén (see p.905) for a
11
better rate than you would get for US dollars
or euros. Stock up from an ATM in Manaus
or at the Brazilian side of the border in
Pacaraima.
Outside South America : US dollars or
euros are the most widely changed
currencies. You do not have to declare
carrying cash up to the value of US$10,000
when entering the country.
the petroleum industry is nationalized, quadrupling the
price of oil and filling the country's coffers.
Late 1970s-80s Increased oil production in other
countries sends prices spiralling downwards. Inflation
and unemployment increase as foreign capital drops off
significantly, and Venezuela sells much of its precious oil
reserves to pay its debts.
1992 A mid-level military o cer named Hugo Chávez
launches an unsuccessful coup attempt against Pérez
and is imprisoned; soon after, Pérez is found guilty of
corruption charges.
1994 Chávez is pardoned for his coup attempt and
continues gathering support around the country.
1998 In a landslide victory over former Miss Universe
Irene Sáez, Chávez is elected president and, through
national referendum, establishes a new constitution that
dismantles the Senate, increases state control over the
oil industry and grants the military greater autonomy.
2000 Chávez wins a new election.
2002 Government o cials and the middle class, angered
by Chávez's controversial reform laws and a weakening
economy, incite massive, violent protests on April 11;
the next day, Chávez is taken into military custody. Two
days later the interim government collapses and Chávez
regains control.
2007 Chávez attempts to pass, by national referendum,
another constitutional reform that would facilitate federal
expropriation of private property, give him unfettered
control of the national bank and, most controversially,
allow him to be re-elected indefinitely. Shortly after,
Chávez turns the clocks back a half-hour, claiming it will
increase the country's productivity.
2010 The opposition overturns Chávez's two-thirds
majority in Parliament, reducing the president's sway on
the National Assembly.
2012 Hugo Chávez wins his third presidential election,
defeating his closest challenger yet, Henrique Capriles
Radonski. The victory extends Chávez's term as president
until 2018, although he misses his January inauguration
due to ill health.
2013 The fifth devaluation of the Bolívar Fuerte since
Chavez's administration took control of the exchange
rate sees the o cial rate for the currency drop from BsF1
equalling US$4.3 to US$6.3. A month later Hugo Chávez's
death is announced by the Venezuelan government.
ARRIVAL AND DEPARTURE
Venezuela can be entered by air, most
likely through Maiquetía International
Airport in Caracas; by land from
neighbouring Colombia and Brazil,
but not from Guyana to the east; and
by sea, usually through Isla de Margarita
(see p.914) from surrounding Caribbean
islands.
 
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