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Maduro's 3% dollar tax pushes Venezuelans back into bolivars

Section: Daily Dispatches

By Nicolle Yapur
Bloomberg News
via Yahoo News, Sunnyvale, California
Tuesday, May 3, 2022

For years, the bolivar drifted toward irrelevancy as Venezuelans embraced the economic stability brought on by the widespread use of the U.S. dollar.

But the socialist regime, always reluctant to fully turn its economy over to the dollar, is now making a surprise bid to revive the local currency. 

... Dispatch continues below ...


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Emboldened by surging oil exports that are fueling economic growth and helping keep the foreign-exchange rate steady, the government is pushing Venezuelans to use the bolivar more by slapping a 3% tax on purchases made with dollars in shops, restaurants, and grocery stores.

One study done by a private firm indicates there was a slight shift away from the dollar in the days after the tax took effect. A separate report released today found the use of bolivars in Caracas rose sharply in April, the first full month after its introduction. ...

... For the remainder of the report:

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