Venezuela currency plunges through key dollar barrier

Crisis-hit Venezuela's currency broke through a symbolic barrier in its downward plunge on Monday, trading at more than 3,000 bolivars to the dollar on the black market.

The bolivar was changing hands at 3,480.22 to the dollar, according to the US-based website dolartoday.com, which specializes in monitoring Venezuela's unofficial exchange rate.

The rate reflected a 55-percent devaluation of the South American nation's currency over the past month.

Venezuela is in a severe crisis driven by falling prices for its crucial oil exports, which has caused food shortages.

The unofficial market exchange rate is considered a clearer gauge of the economic reality for Venezuelans than the official rate fixed by the socialist government.

Monday's rate was five times the official fixed rate of 662 bolivars per dollar.

The government has another even lower rate that is restricted to purchases of crucial imports.

But Venezuelans continue to complain of shortages despite that measure, due to the lack of oil dollars.

Analysts say the shortage of dollars is forcing businesses to import supplies at black market prices.

The International Monetary Fund forecasts inflation in Venezuela will hit 475 percent this year.

Opponents of President Nicolas Maduro blame him for the crisis. They are demanding a vote on removing him from office.

He says the crisis, including the fall of the bolivar, is a US-backed capitalist conspiracy.