The Venezuelan government, led by Delcy Rodríguez, is preparing to reintroduce the official sale of foreign currency to curb the decline of the bolívar. This measure aims to inject liquidity after weeks of currency paralysis and notable inflationary pressure in the local market.
According to Reuters, several banks in Caracas have begun contacting their corporate clients to gather purchase offers. This reactivation marks the first substantial inflow of dollars into the financial system since mid-December. The funds originate from a trust in Qatar, established to manage revenue from current oil exports, channeling resources through the country’s four major private banks.
Alejandro Grisanti, director of the Venezuelan consultancy Ecoanalítica, cautioned that this step is intended to prevent an extreme depreciation of the exchange rate, which, he stated, “would have left us on the brink of a new hyperinflation.”
Stabilizing the Bolívar: A Response to Recent Depreciation
Stabilizing the exchange rate is a priority to avoid another hyperinflationary cycle. Following the arrest of Nicolás Maduro in January 2