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Venezuela Floods Banks With Dollars to Contain Bolivar’s Drop

  • Authorities have sent almost $14 million to local banks in May
  • That’s helped the black-market bolivar rebound from a record
A customer pays a mobile mechanic in U.S. banknotes in Caracas on April 25.
A customer pays a mobile mechanic in U.S. banknotes in Caracas on April 25.Photographer: Carlos Becerra/Bloomberg

Venezuela’s central bank is boosting supplies of hard currency in the local market in an effort to contain a sharp drop in the value of the bolivar.

The monetary authority has sent $11.3 million and 2 million euros in cash this month for local lenders to sell to clients, on track to exceed the $15 million transfered in April, according to people familiar with the matter who asked not to be identified because they weren’t authorized to discuss it.