In 2017, the official exchange rate for tourism transactions increased to VEF2,700 per US dollar. With an expected inflation rate of over 700%, the overvaluation of the domestic currency continued to hinder the competitive position of Venezuela within the international tourism industry. The country remains one of the most expensive countries to visit in the Americas when transactions are calculated at the official exchange rate.
The number of inbound trips is expected to increase by a CAGR of 1% over the forecast period. The strong devaluation of the domestic currency – about 1,500% – should help to restore the competitiveness of the Venezuelan travel modes and lodging markets, which were particularly affected by the currency overvaluation. As long as the gap between the official and the free-floating market rate persists, it will continue to encourage inbound travel, in particular leisure travellers who do not use their credit cards for purchases of goods or services. However, air connectivity will remain an issue as long as the government continues to owe the airlines more than USD10.0 billion in retained earnings from the period 2008-2014.
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This report originates from Passport, our Flows research and analysis database.
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