The Strategist

Maduro sets to de-dollarize Venezuela's economy

05/16/2023 - 09:11

Nicolas Maduro, the president of Venezuela, declared that his nation intends to de-dollarize its economy.

The Venezuelan president declared in his television program Con Maduro+, "We have to get there (in the effort of getting rid of the dollar), this is our path, the way of the new economy of freedom, where currencies are not used to punish countries and impose sanctions."

Several Latin American nations are already making efforts to reduce their reliance on the dollar in international trade. Due to issues with keeping central bank reserves, the Argentine government announced in late April that they would start paying for imports from China in yuan.

In March, Brazil and China announced the establishment of a clearing house that would offer credit in national currencies as well as dollar-free settlements to facilitate transactions and reduce the reliance on the dollar in bilateral relations.

Brazilian President Luis Arce announced in mid-May that the central bank will look into the possibilities of using the yuan in transactions with China.