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Over the past year, the exchange rate between the US dollar and the Venezuelan Bolivar has increased from VEF 61 = $1 to VEF 78,800

Over the past year, the exchange rate between the US dollar and the Venezuelan Bolivar has increased from VEF 61 = $1 to VEF 78,800 = $1. According to the Monetarist view of exchange rates, what is the primary cause of this depreciation?

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