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The U.S. dollar has extended its dominance in Venezuela and now accounts for more than half of all retail transactions and three times the value of all the cash bolivars in existence combined with the amount of local currency held in checking and savings accounts, the data show.
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“That process that they call dollarization can help the recovery of the country, the spread of productive forces in the country, and the economy,” Maduro said in a televised interview last month. “Thank God it exists.”
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