DolarToday is a website publishing an unofficial black market exchange rate for the US dollar in Venezuela, violating the country’s currency controls. This unofficial rate significantly impacts the Venezuelan economy, often used as a reference point for pricing goods and services despite being much higher than the official rate.
Carlos Dorado, a Venezuelan entrepreneur and owner of Italcambio currency exchange, has publicly criticised DolarToday, accusing it of causing “irreparable damage” to the economy through its speculative exchange rate. Dorado argues that DolarToday’s rate isn’t based on actual supply and demand but on manipulation aimed at destabilising the economy.
DolarToday claims its rate is calculated using data on liquid assets from the Central Bank of Venezuela and the exchange rate in the Colombian border town of Cucuta. However, critics argue this methodology is flawed and that the website’s true purpose is to undermine the Venezuelan government.
The website’s influence extends beyond finance, serving as a platform for right-wing news and opinions critical of the Venezuelan government. This has led to accusations of biased and irresponsible journalism, particularly regarding its coverage of sensitive political events. DolarToday’s controversial reporting and potential economic impact have made it a focal point of debate in Venezuela and internationally. Its continued operation, despite blocking attempts, highlights the Venezuelan government’s challenges in controlling information and managing its struggling economy.
While DolarToday claims to provide “news without censorship,” critics argue it contributes to economic instability and social unrest. Its impact on Venezuelans’ daily lives is undeniable, as its published black market rate often dictates essential goods and services prices. This has created a significant gap between the official and unofficial economies, further complicating Venezuela’s economic challenges. The DolarToday debate highlights the complex interplay between politics, economics, and information in modern Venezuela.