Latam Insights — Venezuela’s Maduro States De-Dollarization Is ‘Inevitable,’ Argentina Raises Interest Rates to Close to 100%
Welcome to Latam Insights, a compendium of the most relevant crypto and economic development news from Latin America during the last week.
In this issue, Venezuela makes a push for de-dollarization, the Central Bank of Argentina raises interest rates to close to 100%, and Brazil breaks the U.S. dollar parity import price peg for fuel.
Venezuelan President Nicolas Maduro stated that the country would strive to shift away from the U.S. dollar.
Many alternative initiatives to the dollar are emerging in the world. We could say that we are beginning to experience a sustained accelerated process of de-dollarization of the commercial world — of world trade.
Maduro also condemned the political use of the U.S. dollar, explaining that it has been leveraged as a tool to sanction countries like China, Russia, India, Iran, Turkey, Venezuela, and Cuba. Later, the Venezuelan president added to his earlier statements by declaring:
The de-dollarization of world trade is inevitable, we are living it.
