Venezuela is reportedly preparing to resume dollar sales, which could help stabilize its weakened currency, the bolivar, following disruptions caused by the US oil blockade.
Banks in Caracas began contacting corporate clients this week to offer the government's first significant supply of dollars since mid-December, according to a Bloomberg report on Friday. The banks are reportedly currently collecting bids, though the funds have not yet been disbursed as of Thursday.
The exact amount offered by the government remains unclear, as does the source of the funds. However, this development follows the Trump administration's recent approval for two major global commodity traders to sell Venezuelan oil.
The bolivar stabilized in parallel trading on Friday below 500 to the dollar, according to quotes from cryptocurrency trading platforms. The currency has experienced significant volatility since the US military began blocking oil exports, cutting off dollar supplies and depriving the government of its main source of foreign exchange revenue.
The situation worsened after the US captured Nicolás Maduro, with the bolivar weakening by more than 20% to around 800 to the dollar at one point, raising fears of a potential currency crisis.