Consecomercio proposes bimonetary system for Venezuela

José Gregorio Rodríguez, president of the National Council of Trade and Services (Consecomercio), has proposed that Venezuela adopt a bimonetary system similar to the model used in Peru. This proposal suggests the legal, simultaneous circulation of both the bolívar and the U.S. dollar as an alternative to full dollarization.

Rodríguez argued against full dollarization, noting that the Central Bank of Venezuela would lose its ability to issue currency and manage economic imbalances. He suggested that Venezuela's status as a competitive oil producer could provide a solid foundation for an efficient bimonetary model. While acknowledging that the transition might cause an initial inflationary shock as a real equilibrium exchange rate is reached, he noted that the Peruvian experience suggests stabilization can occur relatively quickly.

The proposal also emphasizes the need for monetary and fiscal orthodoxy to combat inflation and the activation of foreign currency bank financing. Currently, credit in Venezuela represents approximately 13% of GDP, significantly lower than the Latin American average of 50%.