Venezuela Ditching US Dollar for Euros For International Trade

CARACAS, Venezuela, Thursday October 18, 2018 – Venezuela will drop the US dollar from its exchange market in favour of the Euro, in reaction to crippling sanctions imposed by the United States.

The move, announced on Tuesday by Vice President for Economy Tareck El Aissami, comes one year after Venezuela said it would stop accepting US dollars as payment for its oil exports.

Recent financial sanctions imposed by the US against Caracas affect the country’s ability to make transfers in US dollars and complete payments through the American banking system. El Aissami said the sanctions block the possibility of continuing to trade using the US dollar on the Venezuelan exchange market.

“Various actors continue to attack our financial system. We are not going to give in to foreign and imperialist interests,” he said.

The vice president therefore explained that, moving forward, all international transactions would be quoted in euro, yuan and other currencies.

“The illegal measures will continue to damage the national economic system, and this is why we have made these decisions. The President has instructed the finance minister to begin a new correspondence scheme in Europe and Asia for public banks,” he added.

El Aissami added that the government would sell 2 billion Euros between next month and December to allow the public to purchase the European currency “at a real, non-speculative rate”.

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