Venezuela’s government is taking decisive steps to inject U.S. dollars into its struggling economy by allocating $300 million in oil proceeds to four major local banks, enabling them to sell the hard currency on the domestic exchange market and help companies pay for crucial imports, according to financial sources and analysts.

Oil Revenue Set to Reach Banks Amid Dollar Shortages

Faced with a tight supply of U.S. dollars, Venezuelan authorities notified four private banks that they will receive approximately $75 million each from an oil revenue pool held in an account in Qatar. The funds are intended to ease foreign exchange constraints that have long hindered businesses’ ability to purchase raw materials and other imports.

This measure follows weeks of dollar scarcity — worsened by recent U.S. actions including the seizure of Venezuelan oil tankers, which disrupted the country’s main source of foreign revenue. Venezuelan firms typically needed to swap bolivars for dollars held by the central bank to finance imports, a process made harder by limited dollar availability.

How the Program Works

The funds — part of a larger $500 million in oil revenue already deposited in the Qatari trust account — will be distributed to the private banks, which will then sell the dollars to domestic companies under guidelines established by Venezuela’s central bank. However, because the central bank remains under international sanctions, the arrangement initially bypasses direct central bank involvement.

Economist Alejandro Grisanti of local research firm Ecoanalitica confirmed that of the approximately $500 million already held in the Qatar trust, $300 million will be allocated for sale to four large private banks to support activity in the foreign exchange market.

Political and Economic Context

Venezuelan Interim President Delcy Rodriguez indicated that oil proceeds will be routed through the central bank and reach private banks via the foreign exchange market mechanism. She also stated part of the revenue will be used to support social projects and infrastructure investments as the government pushes proposed reforms to the country’s hydrocarbons law to attract investment.

The dollar inflows coincide with broader moves in the energy sector. The United States recently completed the first $500 million in sales of Venezuelan oil under a $2 billion agreement, part of a renewed energy relationship following political shifts in Caracas. The U.S. administration has indicated that Venezuela could sell between 30 million and 50 million barrels of crude under this deal, with proceeds held in neutral foreign accounts like the one in Qatar.

Impact on Domestic Currency and Crypto Exchange Flows

The move may reduce reliance on alternative dollar channels such as dollar‑linked cryptocurrencies (e.g., USDT), which were introduced to the exchange market in the second half of 2025 after a restricted U.S. license allowed Chevron to export crude but barred payments directly to the government. However, one source suggested that as more dollars enter from oil sales, crypto allocations to the private sector are likely to decline.

Venezuela’s currency, the bolivar, saw acute weakness in 2025 — weakening by around 83% — which accelerated domestic price increases and intensified inflation pressures across the economy.

Why This Matters

This initiative reflects broader economic challenges in Venezuela, where access to foreign exchange has been a perennial constraint, hampering companies’ ability to import vital goods and raw materials. By channeling oil revenue into the banking sector to supply dollars more efficiently, the government aims to stabilize the foreign exchange market, support industrial activity, and mitigate the impacts of currency depreciation and inflation. It also represents a strategic response to U.S. sanctions and changes in oil export dynamics that have shaped Venezuela’s economic landscape in recent months.