Venezuelan bolívar depreciated by 62 percent on the black market in November 2016 reported on 30 November 2016 that the black market value of the bolívar depreciated by 62 percent in November 2016, as the value of one U.S. dollar surpassed 4,000 bolívares. The black market dollar, a reference point in the Venezuelan economy, devalued by 11 percent between 28 and 30 November (La Patilla). According to Panorama, economists attribute the rapid depreciation to the government's injection of new bolívar bills into circulation, as well as the decreasing supply of dollars in Venezuela.