Four Venezuelan banks have been notified by the government that they will receive a total of $300 million in oil revenue deposited in a trust account in Qatar, enabling them to sell U.S. dollars on the domestic exchange market to companies in need of foreign currency.
Financial sources and an analyst told Reuters the move aims to boost foreign-exchange supplies after weeks of tightening dollar availability, which followed the seizure of Venezuelan oil tankers by the United States — a development that hit the country’s main source of revenue.
The $300 million will be split among four local banks — about $75 million each — and the funds will be sold to Venezuelan firms under central bank guidelines to help them pay for imported raw materials, the sources said.
The oil revenues originate from a larger Qatar-based account where proceeds from Venezuelan crude sales are being held under an agreement linked to a broader U.S.-brokered deal.
About $500 million has already been deposited in the account, and part of these funds may also support social projects and infrastructure, according to interim President Delcy Rodriguez.
Venezuela’s reliance on bolivar-to-dollar exchanges for imports has been deepened by foreign-exchange shortages, and companies typically had to tap central bank dollar reserves or use dollar-linked cryptocurrencies amid sanctions-related restrictions.
The injection of dollar liquidity through commercial banks aims to ease the foreign-exchange crunch, support imports, and reduce pressure on alternative dollar channels such as cryptocurrencies.
