CARACAS, (Reuters) – Venezuela’s bolivar tumbled to a rate of more than 600 per U.S. dollar yesterday, less than a week after it broke 500, according to a widely used website, as the socialist-run country’s currency crisis balloons.

The rate weakened to 616 bolivars per dollar, according to DolarToday, a fervently anti-government website that said the figure is based on currency trades along the Colombian border.

A severe recession and a drop in oil prices have slammed the OPEC nation’s ability to provide dollars through a complex three-tiered currency control system.

The unofficial rate is now 98 times the strongest official level of 6.3 bolivars.

The 72 percent slide in the unofficial bolivar this year has shocked Venezuelans and hurt their purchasing power, which is also being squeezed by galloping inflation.

While many basic consumer goods, electricity and water are heavily subsidized or price-fixed, and fuel is the cheapest in the world, Venezuelans are hurting.

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