US Treasury Secretary Says New Venezuela to Use Dollar as Central Currency

US Treasury Secretary Scott Bessent has declared that a "new Venezuela" will return to using the dollar as the central currency for its commerce, marking a significant shift in the country's economic alignment. In an interview with CNBC, Bessent stated, "La nueva Venezuela va a facturar en dólares" and emphasized that the dollar will become the "eje central" of Venezuelan trade Source: Infobae. This announcement comes months after the arrest of former President Nicolás Maduro and his wife Cilia Flores in January, with Delcy Rodríguez now serving as acting president Source: Milenio.

Background

Venezuela has been under heavy US sanctions, forcing it to sell oil at a discount to China and use alternative payment mechanisms. Bessent argued that sanctions prevented Venezuela from conducting transactions in dollars, reducing its revenue Source: El Colombiano. The interim government has begun opening strategic sectors—oil, mining, and electricity—to international investment, with Shell, BP, and Repsol already securing deals Source: Milenio.

Broader Dollar Strategy

Bessent framed Venezuela's return to the dollar as part of a broader US strategy to reinforce the dollar's global dominance. He indicated that Iran would also be required to invoice in dollars, and predicted that Russia would want to rejoin the dollar-based system after the Ukraine conflict ends Source: Infobae. "El dominio del dólar es esencial," Bessent concluded Source: El Nacional.