Venezuelan Central Bank approves use of the Euro

Wall Street Journal
December 30, 2005

Venezuela's central-bank board approved using the euro, the currency shared by 12 European nations, to service demand from foreign companies and to diversify the country's dealings from the dollar.

The central bank has recently made efforts to diversify its investments as part of President Hugo Chávez's vow to limit dependency on the U.S. The move will allow monetary authority to make payments and purchases in euros, as freely as with the dollar, the currency most companies in Venezuela use for international transactions, the bank said on its Web page earlier in the week.

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