Venezuela drops US dollar amid sanctions

My FX Forum

Staff member
Following loud statements, Venezuela announced that the usage of the US dollar in their foreign exchanges was terminated. This curtailment was triggered by the US sanctions against Venezuela. Tareck El Aissami, the Vice President of the country, has reported the news.

“We have not been able to use the international currency of the US dollar. This has been economic trade persecution of Venezuela. These have been illegal sanctions imposed on us,” El Aissami said, “The illegal measures will continue to damage the national economic system, and this is why we have made these decisions.”

According to Venezuela’s official, all future transactions on the Venezuelan exchange market will be made in euros.

“The American financial blockade of Venezuela affects both the country’s public and private sectors, including pharmacy and agriculture, and shows just how far imperialism can go in its madness. Venezuela’s floating exchange rate system, DICOM, will be operating in Euro, Yuan or any other convertible currency and will allow the foreign exchange market to use any other convertible currency,” he added.