Venezuelan Assembly Head Denies Hiring Economist for Dollarization Plan, Launches Probe

Venezuelan National Assembly President Jorge Rodríguez vehemently denied claims that the parliament hired U.S. economist Steve Hanke to devise a national economic dollarization strategy. Rodríguez announced an investigation into the source of this "stupidity," asserting that such rumors question the honor and credibility of the deputies who spread them.

Rodríguez stressed that monetary policy decisions for Venezuela exclusively belong to the Executive branch and the Central Bank of Venezuela (BCV). He dismissed the notion that the National Assembly was institutionally promoting Hanke's hiring to advance dollarization, clarifying that any such initiatives are outside the Assembly's official purview.

“

It is absolutely false, the Board of Directors of the National Assembly is going to initiate an investigation since it calls into question the honorability and credibility of a deputy who comes up with inventing such stupidity.

The controversy ignited after Fortune magazine published information suggesting Hanke's participation in a dollarization proposal for Venezuela. While economist Steve Hanke, known for his work on exchange rate regimes, has long advocated for dollarization to stabilize economies with severe inflation, the exact nature of his connection to Venezuelan officials became a point of contention.

Deputy Antonio Ecarri initially confirmed his collaboration with Hanke on a dollarization proposal. However, Ecarri's team later clarified that this engagement was on a personal basis and not a contractual arrangement with the National Assembly. This clarification aimed to distinguish Ecarri's personal initiative from the official stance of the legislative body, as Rodríguez sought to distance the Assembly from the circulating misinformation.

“

The decisions related to Venezuelan monetary policy correspond to the Executive and the Central Bank of Venezuela (BCV).