"Money Doctor" suggests dollarization for Venezuela

The article focused on Steve Hanke's plan, a professor of applied economics and "the money doctor," which he proposes to address Venezuela's inflation crisis. His solution involves adopting the U.S. dollar entirely, replacing the bolívar and the central bank. Hanke believes that dollarization will lead to price stability, which is essential to pave the way for economic stability and development. The figures indicate that inflation in Venezuela reached 400% in 2026, and the bolívar depreciated by 78% against the dollar over the past year. Nonetheless, the dollar remains a key part of the economy, with most residents and consumers using it automatically. The article explains that officially adopting the dollar in Venezuela would attract foreign investments, especially in the oil sector, and lead to increased dollar inflows, making it easier for the country to repay its debts, which amount to $250 billion—approximately 150% of GDP. It is also expected that this move would help revive the economy, transitioning the country from negative to positive growth if implemented swiftly.

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