Economics
Venezuela’s Latest Problem Is There Are Now Too Many Dollars
Businesses and consumers stash away semi-illicit greenbacks.
A young man peddles candy priced in dollars and bolívares at a traffic light in Valencia, Venezuela, on Nov. 1, 2019.
Photographer: Juan Carlos Hernandez/Zuma PressThis article is for subscribers only.
U.S. dollars are everywhere in Venezuela, and suddenly that’s a problem.
The greenback is steadily gaining currency in this inflation-wracked country, where a single dollar buys about 60,000 bolívares on the black market. That’s creating challenges for local businesses, because Venezuelan banks are barred from offering foreign currency accounts.