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More Than 64% of Venezuela’s Sales Are Now in Foreign Currency

  • Greenbacks are used for more 50% of sales in nine cities
  • Many Venezuelans now rely on remittances from relatives abroad
A person holds U.S. dollars and Venezuelan bolivares to pay for gasoline in Caracas, Venezuela, on June 5, 2019. 
Photographer: Adriana Loureiro Fernandez/Bloomberg

Venezuela is becoming increasingly dollarized, as greenbacks help shoppers avoid the inconvenience of the hyper-inflationary local currency.

An estimated 64% of all sales in Venezuela involve foreign currency, of which 55.7% are made in dollars, according to a survey of almost 16,000 transactions carried out from Feb. 9-14 across 10 cities by Ecoanalitica, a Caracas-based research firm. Colombian pesos and euros also are gaining in use.