Venezuela's central bank has doubled the amount of euros in cash it provide...
CARACAS - Venezuela’s central bank has doubled the amount of euros in cash it provides local banks as hyperinflation and U.S. sanctions prompt a surge in use of the European currency, four sources familiar with central bank activities said.
The banks distribute the cash to local companies to pay for imports or employee bonuses, easing pressure on the depreciated and cash-scarce local bolivar currency. The increased distribution of euros comes because the OPEC nation is receiving them for more of its crude and gold exports in the wake of sanctions, rather than dollars, according to three of the sources, one close to Maduro.
In August, the U.S. Treasury said it could sanction any entity it determines to be providing material assistance to Maduro’s government. Reuters was not able to independently verify this information. Import Genius said in a statement that the information accurately reflects trade data processed by customs agencies around the world.
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