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Maduro’s Plan to Eliminate the Dollar in Venezuela

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Ziad Najjar
Ziad Najjar is an Egyptian author who studied business and finance in the United States and has a keen interest in media. He combines his expertise in these fields to create informative and engaging works accessible to a broad audience.

Venezuelan President Nicolas Maduro has announced that Venezuela will take the path of abandoning the dollar in economic transactions.

“This is our path, the path of the freedom economy, when currencies are not used to punish countries and impose sanctions,” Maduro said in an interview with local television on Monday.

Argentina announced earlier in April that it would switch to the Chinese yuan to pay for goods imported from China due to difficulties in supporting central bank reserves.

Last March, Brazil and China announced the establishment of a clearing house for non-dollar trading and dual-currency borrowing to facilitate financial transactions between the two countries and reduce reliance on the US dollar.

Source: News

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