Venezuela’s Chavismo Blocks Dollarization Push as Power Cuts Bite
Venezuela's chavista-led National Assembly has moved to shut down a legislative push to dollarize the economy, stripping deputy Antonio Ecarri of a key post days after he unveiled a plan drafted with US economist Steve Hanke. The decision lands as a new round of electricity rationing bites and as the government courts foreign capital for oil. The post Venezuela’s Chavismo Blocks Dollarization…
National Assembly President Jorge Rodríguez, a prominent member of the chavismo political movement, recently blocked a proposal to dollarize Venezuela's economy. The move came after opposition deputy Antonio Ecarri presented a plan drafted with American economist Steve Hanke to replace the bolívar with the U.S. dollar as the sole official currency.
Rodríguez, brother of acting President Delcy Rodríguez, accused Ecarri of violating parliamentary rules and threatened sanctions, citing legal provisions that reserve monetary policy to the Central Bank of Venezuela. The decision came amid severe economic challenges, including near 400% annual inflation and frequent power outages in Caracas.
The debate highlights the deep divisions within Venezuela's political landscape and the difficulties in addressing the country's economic woes.
Written by urgent.news from The Rio Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
