Venezuelan banks begin storing dollars and euros amid Maduro's liberalization, sources tell Reuters

Section:

By Corina Pons and Mayela Armas
Reuters
Tuesday, February 4, 2020

CARACAS, Venezuela -- At least half a dozen Venezuelan banks have begun storing in vaults millions of dollars and euros accumulated in cash by businesses during an unexpected economic liberalization by President Nicolas Maduro, according to sources.

Some $1.8 billion worth has entered Venezuela in the last year, according to three senior banking sources, as Maduro quietly dismantles 16 years of socialist regulations to salve the economy in the face of U.S. sanctions and hyperinflation.

... Dispatch continues below ...



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The cash comes mainly from remittances -- often on trucks -- by the millions of Venezuelans who have left in recent years, and from the OPEC member's oil and gold sales to allied nations like Turkey and Russia, sometimes by plane, the sources said.

The private banks' new custodial service began discreetly in late 2019 and has not been previously reported in full. It is further evidence of how the ruling Socialist Party is allowing financial arrangements unthinkable for Venezuelans while dollar transactions were outlawed until 2018. ...

... For the remainder of the report:

https://www.reuters.com/article/us-venezuela-banks-exclusive/exclusive-v...

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