Payments in dollars, the US currency, have declined alarmingly during the first months of 2025, according to the retail sector in Venezuela.

The sector has pointed out that “the use of US dollars as a payment method in retail stores has fallen by up to 60 %,” according to data from the National Federation of Commerce (Fedecomercio).

This is an alarming trend, reflecting a significant decline in the preference for the dollar for daily transactions, according to José Lossada, president of the association.

Lossada emphasized that in the first four months of the year, “the majority of transactions, approximately 75 %,” were made in bolivars.

This change in Venezuelan payment methods reflects the difficulties people face in obtaining foreign currency from public and private institutions, “in addition to the high costs associated with its acquisition. This sustained trend affects the stability of operations and the financial planning of businesses seeking to adapt to the new market reality.”

M.Pino

Source: elperiodiquito

(Reference image source: Alexander Grey on Unsplash)

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La entrada Drop in dollar payments worries the retail sector apareció primero en Bitfinance.

The president of the National Federation of Commerce, José Alejandro Lossada, estimates a 20 % recovery in sales in the sector during the second half of 2023.

Lossada explained that in the first quarter there was a 15 % drop in sales, although positive figures have been recorded in recent months.

“In the first quarter there was a drop in sales from 15 % to 20 % (…) this second quarter we have data for a drop of 5 %. However, for the second half of the year we have a 20 % recovery perspective in terms of sales,” he said.

The representative of the commercial sector estimates that the recovery of wages in the private sector could boost sales for the second half of the year.

According to the president of the federation, this increase is due to a recovery in the salaries of some private companies in the country, where he estimates that the minimum wage has risen to approximately 200 dollars.

Lossada recognized the great challenges that merchants must face due to the high costs of public services in the country, especially in Caracas, where the water service went from $20 to $80 on average during 2023.

Taken from DobleLlave

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La entrada Fedecomercio foresees a 20 % recovery in sales in the 2nd semester of 2023 apareció primero en Bitfinance.

The president of the National Federation of Commerce (Fedecomercio), José Alejandro Lossada, forecasts a 20 % increase in sales during the second half of this year.

Lossada explained that during the first quarter there was a 15 % decrease in sales, but stressed that in this last period the figures have shown a positive trend.

According to the president of the federation, this increase is due to a recovery in the salaries of private companies in the country, where the minimum wage has risen to 200 dollars.

Lossada recognized the significant challenges merchants face due to the nation’s high utility costs.

K. Tovar

Source: Venevision

(Reference image source: Markus Winkler, Unsplash)

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La entrada Second quarter of the year brought recovery in sales, according to Fedecomercio apareció primero en Bitfinance.