In Venezuela, limited access to US dollars is putting pressure on medium‑sized businesses. The pharmaceutical industry is among the sectors affected, as it relies heavily on imported raw materials.
According to Reuters, one factory owner said he struggled to obtain foreign currency through official channels. The auction system run by the monetary authorities provides neither certainty of access nor clarity on exchange rates. Multiple applications to purchase dollars have been rejected.
To keep production running, businesses have turned to the informal market, where the exchange rate is significantly higher. This has pushed up costs and contributed to rising medicine prices.
Reuters found that the problem is widespread across sectors. The shortage of foreign currency has become a major obstacle to production activity.
A Conindustria survey showed that 58 percent of medium‑sized companies face similar difficulties. Some businesses have begun using cryptocurrency as an alternative method to pay for imports.
International sanctions have left Venezuela’s banking system isolated from global financial networks. Cross‑border transfers are limited, while the distribution of dollars depends on auctions funded by oil revenue.
Although oil sales have increased following the transfer of power from Nicolás Maduro to Delcy Rodríguez, the availability of dollars in the domestic market has not improved.
Analysts say the value of dollar auctions in the early part of the year reached US$1.3 billion, lower than the previous year. Access to dollars is seen as uneven.
Industry sources say large companies in strategic sectors receive priority. Meanwhile, medium‑sized firms in pharmaceuticals, chemicals and other manufacturing industries struggle to obtain allocations.
Cost pressures from the unofficial exchange rate are accelerating price increases and worsening already high inflation.
Conindustria president Tito López warned that the shortage of foreign currency could disrupt industrial supply chains and hinder economic recovery.
Meanwhile, the United States government is encouraging investment expansion in Venezuela’s oil, gas and mining sectors as part of efforts to boost energy supply and dollar inflows. Washington has also facilitated oil sales worth around US$2 billion under this strategy.
During a visit to Caracas in March, US Interior Secretary Doug Burgum said increased capital flows were expected to strengthen the bolívar and reduce the impact of hyperinflation.
“Any step that helps create a stable currency so people are not harmed by hyperinflation will be very positive,” he said.
However, small and medium‑sized businesses still face barriers to accessing the global financial system. Foreign correspondent banks have tightened verification of transactions from Venezuela, leaving many companies unable to meet requirements.
Amid these constraints, businesses are again turning to cryptocurrency as an alternative means of obtaining foreign currency and paying for imports.
“Those who do not join the auction go to another market,” one business owner said, referring to crypto. He hopes that increased dollar supply will reduce reliance on such methods, but that has yet to happen. (DH/LM)
Originally written by: Lisa Monica, Ramdhani Pratama
Source: IDN Financials
Published on: 24 March 2026
Link to original article: Dollars are scarce in Venezuela, entrepreneurs are turning to crypto
