The Minister of National Commerce of Venezuela, Luis Antonio Villegas Ramírez, indicated that payments in bolivars have increased by 90 % in the country following the elimination of the Tax on Large Financial Transactions (IGTF)

According to the official, the lifting of this tax “is generating a notable increase in the use of the national currency in Venezuela, especially for payments.” He added that transactions in dollars fell to 10 %.

According to Villegas, this dynamic in the national commercial sector reflects “a strategy designed by Nicolás Maduro, within the framework of the National Economic Council, to strengthen the domestic economy.”

This trend toward increased use of the bolivar in transactions extends to e-commerce, where a 55 % growth is expected so far in 2025.

In this regard, the minister emphasized that this increase has been supported by various working groups with the Venezuelan Chamber of Electronic Commerce (Cavecom-e).

M.Pino

Source: elnacional

(Reference image source: Aleksandrs Karevs on Unsplash)

Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on X/Twitter and Instagram

La entrada Payments in bolivars increase by 90 % apareció primero en Bitfinance.