Venezuela Suspends Trade In U.S. Dollars

Venezuela has told oil traders it will no longer accept or
offer U.S. dollars in payment for crude oil and fuels, the Wall
Street Journal reports, citing sources familiar with the
developments. As a result, traders have started converting dollars
into euros, and PDVSA’s foreign partners operating in the country
may have to switch to euros as well. At the same time, Reuters
reports, Venezuela yesterday suspended the sale of U.S. currency
through its Dicom auction system that President Nicolas Maduro said
the government will use to switch from…

Venezuela has told oil traders it will no longer accept or
offer U.S. dollars in payment for crude oil and fuels, the Wall
Street Journal reports, citing sources familiar with the
developments. As a result, traders have started converting dollars
into euros, and PDVSA’s foreign partners operating in the country
may have to switch to euros as well. At the same time, Reuters
reports, Venezuela yesterday suspended the sale of U.S. currency
through its Dicom auction system that President Nicolas Maduro said
the government will use to switch from…