Venezuela To Follow Path Of Economy De-Dollarization - President Maduro

Venezuelan President Nicolas Maduro said his country plans to follow the path of de-dollarization of the economy

CARACAS (UrduPoint News / Sputnik - 16th May, 2023) Venezuelan President Nicolas Maduro said his country plans to follow the path of de-dollarization of the economy.

"We have to fit in there (the de-dollarization initiative), this is our path, the path of a new economy of freedom, where currencies are not used for punishment of countries and sanctions," Maduro said on his television program Con Maduro+.

A number of Latin American countries are already working on moving away from the US dollar in foreign trade.

In late April, Argentina, amid problems with maintaining the Central Bank reserves, announced transition to paying for imports from China in yuan. In March, Brazil and China announced the creation of a clearing house that would provide dollar-free settlements and lending in local currencies to facilitate and cheapen transactions and eliminate dollar dependency in bilateral relations.