Ecarri responds to Rodríguez, confirms dollarization proposal with Steve Hanke

Venezuelan lawmaker Antonio Ecarri has asserted that he is collaborating with American economist Steve Hanke on a proposal to formally dollarize Venezuela's economy. This statement comes in response to Jorge Rodríguez, president of the National Assembly, who denied that the Parliament had hired Hanke to develop a monetary strategy.

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In my capacity as a deputy to the National Assembly, with Professor Steve Hanke as an advisor, we are working on a proposal to move towards the formal dollarization of the Venezuelan economy.

Ecarri clarified that his engagement with Hanke is part of an initiative he is leading in his capacity as a deputy. "In my capacity as a deputy to the National Assembly, with Professor Steve Hanke as an advisor, we are working on a proposal to move towards the formal dollarization of the Venezuelan economy," Ecarri stated. He criticized the current approach to managing the exchange rate, saying, "They attack, they criticize, but they do not present a single proposal to resolve the exchange rate differential that impoverishes Venezuelans every day." Ecarri pointed to the expenditure of over $6 billion on currency exchange tables without solving the underlying problem.

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They attack, they criticize, but they do not present a single proposal to resolve the exchange rate differential that impoverishes Venezuelans every day.

Ecarri champions formal dollarization as a means to stabilize the economy and safeguard citizens' purchasing power. He believes that adopting the U.S. dollar formally would help control inflation and narrow the gap between the official and market exchange rates, which he contends destroys Venezuelans' purchasing power. "Venezuela needs a stable currency that protects the salary, savings, and assets of our people," he added.

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Over $6 billion has already been spent on currency exchange tables, without solving the underlying problem.

This position sharply contrasts with Rodríguez's remarks. The National Assembly president not only denied any official contract with Hanke but also announced an investigation into the claims, deeming them "absolutely false" and damaging to the credibility of any deputy who would invent such a story. Ecarri plans to hold a press conference to detail his proposal and the scope of his work with Hanke amidst the ongoing debate about Venezuela's financial future.

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Venezuela needs a stable currency that protects the salary, savings, and assets of our people.