translated from Spanish: The black market returns in Venezuela, devaluation in sight?

After months in hiding, Venezuela’s black market is back.
The difference between the black market price for buying dollars and the official rate has skyrocketed after months of relative stability.
In just one week, the bolivar has depreciated 18% against the dollar on streets where the currency is traded informally; it now costs 10,130 bolivars, according to MonitorDolarVzla, which compiles the average of a lot of sources. This compares with 7,336 bolivars under the official rate.
After years of an artificially strong official rate, President Nicolás Maduro’s government has overseen a dramatic devaluation in recent years so that the price of the bolivar is aligned with the black market.
To prevent the relationship from expanding again, the government implemented strict monetary requirements on banks earlier this year to keep bolivars blocked in the central bank.
The efforts were designed to drain liquidity and keep the local currency out of the reach of Venezuelans who normally exchange them for dollars to retain purchasing power amid hyperinflation.
These controls continue and the gap is widening. Under the current exchange rate regime, Venezuela has taken a drastic turn to become expensive in dollars.
While the reason behind the sudden rise in price is unclear, some economists allude to the cumulative pressure of an overvalued bolivar and increased public spending.
“The currency was not depreciating at the same rate as inflation and we are now seeing that this distortion corrects,” said Henkel García, director of the Caracas-based Econometric consultancy, who believes that the real value of the bolivar should be between 25,000 and 30,000 approximately per dollar.

Original source in Spanish