Venezuela Moves to Resume Dollar Sales, Halting Bolivar Rout

Venezuela is preparing to resume sales of U.S. dollars, bringing relief to its battered currency after a U.S. oil blockade disrupted the foreign-exchange market.

Banks in Caracas contacted corporate clients this week to offer the first significant supply of dollars from the government since mid-December.

While no funds had been disbursed as of Thursday, the move follows the Trump administration's authorization of two of the world's largest commodities traders to sell Venezuelan oil.

Why Did This Happen?

The U.S. military began blocking oil exports in late 2025, drying up the dollar supply and sapping the government of its principal source of foreign earnings.

The bolivar had swung wildly, weakening over 20% to around 800 per dollar at one point.

Alejandro Grisanti, a director at local consultancy Ecoanalitica, said the funds are coming from a trust set up in Qatar to receive oil-sale proceeds.

The move helps stave off a potential extreme depreciation, which "would have left us on the verge of a new hyperinflation," he said.

How Did Markets React?

The bolivar stabilized in parallel trading on Friday at below 500 per dollar, according to prices posted on crypto trading platforms.

Venezuela's acting President Delcy Rodríguez presented a reform to the nation's hydrocarbons law and announced the creation of two funds into which dollars from oil sales will be funneled.

These state-managed funds are earmarked for social protection and economic development.

What Are Analysts Watching Next?

The U.S. is obtaining roughly 30% higher prices for Venezuelan crude, Energy Secretary Chris Wright said.

The first sales were valued at $500 million, with more expected in the coming days and weeks.

Tamara Herrera, a prominent Venezuelan economist, expects the gap between the official and black market dollar exchange rate to narrow from more than 110% last Friday to about 80% by the end of this week.

A government spokesperson did not reply to messages seeking comment.

International legal experts have raised concerns about the U.S. military intervention in Venezuela, calling it a breach of the prohibition on the use of force under international law.

Rodríguez also called for warmer U.S. relations, marking a dramatic shift from the fiery rhetoric of past administrations.

The Trump administration has said it plans to control future sales of Venezuelan oil and hold the proceeds in U.S. accounts.

Rodríguez said the reforms would allow investment flows to be incorporated into new fields with no prior infrastructure.

The bolívar's value has collapsed since the start of Trump's pressure campaign against Maduro in September.

Rodríguez also mentioned plans to create two sovereign wealth funds.

The situation worsened after the U.S. captured Maduro, with the bolivar weakening more than 20% to around 800 per dollar at one point.

International legal experts have also highlighted that international investment law provides effective mechanisms for addressing economic injury.

The U.S. military operation has been criticized as a violation of the principle of non-intervention.