Socio-Economics History Blog

Socio-Economics & History Commentary

Venezuela Ditches US Dollar, Will Use Euros For International Trade

  • Venezuela Ditches US Dollar, Will Use Euros For International Trade
    by Tyler Durden, https://www.zerohedge.com/
    Venezuela has just taken the next step in its quest to “free” itself from the tyranny of US dollar hegemony. One year after the country said it would stop accepting US dollars as payment for its (ever shrinking) oil exports (saying the country’s state-run oil company would accept payment in yuan instead), Venezuelan Vice President for Economy Tareck El Aissami said Tuesday that Venezuela will officially purge the dollar from its exchange market in favor of euros.

    While we’re sure that Venezuelan President Nicolas Maduro would love to frame this as his latest gesture of defiance against tyrannical imperialist overreach by Washington, which he has blamed for aggravating the country’s humanitarian crisis by waging an “economic war” against the oil-rich nation, remember that the US effectively blocked the Venezuelan government from transacting in dollars last year when it imposed restrictive sanctions on the Maduro regime and the country’s state-run oil company, PDVSA. Maduro started the process of moving the country’s DICOM system of official tiered exchange rates in September 2017 when he declared that Venezuela would use a “new system of international payments.”

    read more.

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October 18, 2018 - Posted by | Economics | , , , , , ,

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