…the Venezuela Bolivar Fuerte (VEF) to US Dollar (USD) parallel exchange rate, 2009 to date.
With PdVSA reportedly upping its July dollar bonds offer to U$3Bn (we’ll find out for sure Thursday) we may see a bit of improvement in the permuta….or we may not. On a more general note, ever since that Miami slush house closed its parallel exchange business back in March (note spike), the bid/ask gap has been wider than a house….good business to be in, methinks….