Maduro Blows Through Venezuela’s Dollar Stockpile in New Threat to Regime
- Bolivar has plunged in unofficial markets since disputed vote
- That’s putting pressure on president’s bid to shore up economy
This article is for subscribers only.
Since declaring himself the winner of July’s presidential vote, Venezuela’s Nicolás Maduro has been condemned by governments across the world, targeted by massive street protests and spurned by some of his closest allies.
Now, a new problem is emerging for the authoritarian leader: The bolivar has tumbled in unofficial markets to trade as much as 20% weaker than the official rate, the biggest gap since 2022, as the supply of dollars that the government pumps into the financial system dries up. Maduro, it seems, blew through a big chunk of the money the country stockpiled in the run-up to the election, spending on campaign rallies in a futile attempt to court voters and win legitimately.