We’ve recently discussed how Chavez’s golden touch has eluded Maduro, leaving Venezuela short on international reserves. When you add the fact that they are trying to peg a currency that the black market values at 30 Bolivars to the dollar at 6.3 Bolivars to the dollar, foreign exchange to fund imports is very tight (we’ve also discussed rationing of basic items in Venezuela).
Now comes word that there’s no forex to import toys for the Christmas season. Why worry about Christmas in July? Well apparently, it takes around 6 months for the ordering, manufacture in China, shipping and getting through the “country’s notoriously slow customs procedures”!
Venezuela is a real mess right now and I hope for the people (and the children!) of the country, they find a productive way forward soon.