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(zerohedge.com)-Venezuelan President Nicolas Maduro said Thursday that Venezuela will be looking to “free” itself from the U.S. dollar next week, Reuters reports. According to the outlet, Maduro will look to use the weakest of two official foreign exchange regimes (essentially the way Venezuela will manage its currency in relation to other currencies and the foreign exchange market), along with a basket of currencies.
According to Reuters, Maduro was referring to Venezuela’s current official exchange rate, known as DICOM, in which the dollar can be exchanged for 3,345 bolivars. At the strongest official rate, one dollar buys only 10 bolivars, which may be one of the reasons why Maduro wants to opt for some of the weaker exchange rates.
Your fear monger is absurd and hillarious.
originally posted by: FamCore
a reply to: Black_Fox
Venezuela has the largest oil reserves on the entire planet, and with China's gold-backed Yuan that they will use for trading oil, Venezuela might not be in such a bad spot. China, Russia, and the rest of the world is stick of dollar hegemony. The petrodollar is dying and the clock is ticking...
that's my 2 cents anyway
originally posted by: Ohanka
Poor Maduro. Going to go the same way as Colonel Gaddafi.