Treasury Secretary Scott Bessent stated that the dollar will play a central role in Venezuelan trade
The statements come amid a series of measures adopted by Washington to ease certain economic restrictions on Venezuela. In recent weeks, the Treasury Department authorized new operations related to strategic sectors such as oil, gas, mining, telecommunications, aviation, and certain financial transactions.
The U.S. Secretary of the Treasury, Scott Bessent, announced that the U.S. dollar will become the main instrument of Venezuelan trade, a measure that, according to Washington, will be key to consolidating the country's economic recovery and facilitating its reintegration into international markets.
During a television interview, Bessent stated that “the new Venezuela will invoice in dollars” and maintained that the U.S. currency will be the “central axis” of the country's commercial and financial operations. He explained that for years Venezuela faced significant limitations in conducting transactions in dollars, a situation that would have reduced its access to liquidity and international financial mechanisms.
The U.S. official pointed out that the widespread use of the dollar will allow for greater integration with global markets and facilitate access to foreign investments. He also argued that commercial dollarization will reduce transaction costs, increase investor confidence, and provide greater stability for operations linked to the energy sector.
The U.S. strategy aims to promote the recovery of the Venezuelan economy through greater commercial and financial openness. Recent measures also include authorizations for operations with certain Venezuelan banking institutions and mechanisms aimed at facilitating the flow of dollars within the economy.
For supporters of this policy, the adoption of the dollar as the main reference could help consolidate monetary stability after years of inflation, currency controls, and financial restrictions. They also believe that the measure will facilitate the arrival of international capital and strengthen the confidence of companies interested in investing in strategic Venezuelan sectors.
Although there are still significant economic challenges to address, Bessent's statements reflect the Trump administration's vision for the future of Venezuela: a more integrated economy within the international financial system, with a greater role for the dollar and an increasing openness to investments and global trade.
