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Venezuela Rejects US Dollar as National Currency
The Venezuela Central Bank (BCV) discarded the plan to adopt the US dollar as national currency on Tuesday.
In a statement to the press, Diego Luis Castellanos, president of the BCV, said that the Venezuelan Constitution only recognizes the bolivar as national currency.
If a sole regional currency is proposed, the US dollar will not be considered either, he added.
Among South American countries, only Ecuador uses the US dollar as its national currency.
Regarding the proposal by the Inter-American Development Bank President Enrique Iglesias to use a unique regional currency -- similar to the European Union -- Castellanos said the plan will be discussed at the next meeting of the multilateral organization in Santiago, Chile.
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