Venezuela will channel $300 million in oil revenues through four banks to sell dollars to companies for imports, easing a foreign exchange shortage.
CARACAS: The Venezuelan government has notified four local banks they will split $300 million in oil revenues to sell dollars on the exchange market.
Two financial sources and an analyst said the funds are from oil income deposited in an account in Qatar.
This injection aims to ease a severe shortage of foreign currency for companies needing to pay for imported raw materials.
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Each of the four banks is set to receive approximately $75 million in the coming days.
The dollars will be sold to Venezuelan firms under central bank guidelines, bypassing the sanctioned central bank directly.
Economist Alejandro Grisanti confirmed the plan, stating “$300 million will be sold to four large private banks” from funds already deposited.
This move follows weeks of tightening dollar supplies after US seizures of Venezuelan oil tankers.
The US completed the first $500 million in sales of Venezuelan oil this week as part of a larger $2 billion agreement.
Interim leader Delcy Rodriguez said part of the oil revenue will fund social projects and infrastructure.
She also submitted a proposed reform of the hydrocarbons law to boost oil investment.
Venezuelan companies have long relied on converting bolivars to dollars generated by oil sales and foreign credit card transactions.
The bolivar weakened 83% in 2025, accelerating local price increases.
Authorities previously allowed the use of dollar-linked cryptocurrencies like USDT on the exchange market.
One source noted that crypto flows to the private sector had recently fallen.
They added that increased dollar inflows from crude sales would likely further reduce crypto allocations.
Neither the finance ministry nor the central bank responded to requests for comment. – Reuters
