Antonio Ecarri defends dollarization proposal amid investigation

Venezuelan National Assembly deputy Antonio Ecarri is facing an investigation following his proposal for the formal dollarization of the country's economy. Ecarri argues that dollarization is necessary to halt inflation, which he claims allows the Central Bank of Venezuela to confiscate the value of citizens' earnings. He noted that while many transactions and fines are already conducted in dollars or euros, public sector workers like teachers and police continue to be paid in devalued bolivars.

Ecarri is collaborating with economist Steve Hanke to develop a formal dollarization proposal aimed at protecting salaries and restoring economic stability. He suggested that the country has sufficient dollar reserves due to increased oil production and proposed the creation of a Macroeconomic Stabilization Fund to protect against external shocks.

The controversy surrounding his involvement with Hanke led to Ecarri being removed from his position as president of the Venezuela–US Parliamentary Friendship Group by Assembly President Jorge Rodríguez. Ecarri maintains that his actions are a legitimate attempt to find solutions for the country's economic impoverishment and intends to seek citizen support to turn the initiative into a legislative proposal.