Devalued Bolivar bank notes and coins, taped together, serve as makeshift rope at a roadblock set up by anti-government protesters in Caracas, Venezuela. (AP Photo/Ariana Cubillos, File)
When Jose Humberto Vivas needs to trade dollars for Venezuelan bolivars, he usually flouts the nation’s rigid exchange controls by turning to illegal currency traders.
But last week, Vivas put a few hundred dollars in his wallet and headed to an exchange house regulated by Venezuela’s socialist government, lured by the seemingly improbable prospect of an official rate that is more inviting than the black market rate.
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