Actually, the 6.29 exchange rate is only for importers of medicines and food, which are mostly government friends and cronies who are becoming multi-millionaires by buying dollars from the govt at Bs.6.9. Then they claim they bought food from a foreign company (which they also own in Panama or somewhere else) and they sell it back to the govt at Bs.80-100 per dollar and they pocket the difference.
Or they buy dollars at the 6.9 rate, claim they are importing farming machinery for $2-3million. Then they buy one tractor for $50k, pay off the corresponding govt official, and keep the difference. And I'm not making this up. They recently tried to arrest 2 or 3 guys on this (they probably didn't pay enough) and they just fled to Miami and Panama.
If you come to venezuela, bring dollars. You will always find someone that will buy them at the black market rate of almost Bs.100 per dollar. You could live like a king here with $1000 for quite a while.
Or they buy dollars at the 6.9 rate, claim they are importing farming machinery for $2-3million. Then they buy one tractor for $50k, pay off the corresponding govt official, and keep the difference. And I'm not making this up. They recently tried to arrest 2 or 3 guys on this (they probably didn't pay enough) and they just fled to Miami and Panama.
If you come to venezuela, bring dollars. You will always find someone that will buy them at the black market rate of almost Bs.100 per dollar. You could live like a king here with $1000 for quite a while.