Weekly Report - 14 September 2017 (WR-17-36)

VENEZUELA | Abandoning the dollar? President Nicolás Maduro has said that Venezuela will cast off the ‘yoke’ of the US dollar by replacing it with a basket of other currencies including the Chinese yuan, the Japanese yen, the Russian rouble, and the Indian rupee which will be used instead for both international and domestic payments. The central bank will no longer include the dollar in its currency auctions – and has suspended auctions until further notice – with local businesses told to open bank accounts to take the new currencies. Apparently, the state will no longer sign contracts in dollars.

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