What observers say
“You don’t know at what cost you’ll be able to restock your goods because you don’t know when you’ll be able to buy foreign currency or at what exchange rate,” said an unnamed businessman reflecting the uncertainty faced by many in Venezuela’s economy.
The situation is dire for many medium-sized business owners in Venezuela, with 58% reporting that the lack of foreign currency is a significant obstacle to production. This scarcity is compounded by the ongoing economic challenges that the country faces, including rampant inflation that continues to devalue the bolivars received from sales.
As of March 23, 2026, the won-dollar exchange rate ended trading at 1,486.70 won, down 13.9 won from the previous session. This fluctuation in currency rates adds another layer of complexity for Venezuelan businesses trying to navigate the international market.
In the context of these challenges, the price of gold also saw a notable decline, sliding as much as 8.8% to around $4,100 per ounce on the same day. This marked the steepest weekly fall for gold since 1983, indicating broader economic instability. David Wilson, an economic analyst, noted, “If we look at the three previous economic shock cycles — in 2008, 2020, and 2022 — gold initially fell in reaction to the news, as investors typically sold assets to hold U.S. dollars.”
Venezuelan banks are largely cut off from the global financial system due to sanctions, making it increasingly difficult for businesses to access foreign currency. The dollars earned from Venezuela’s oil exports are auctioned off by local banks, but many businesses have reported difficulties in acquiring these funds. One owner of a mid-size pharmaceutical factory stated that he had bids for dollars rejected three times.
The Bloomberg Dollar Spot Index rose 0.3% on March 23, 2026, reflecting a broader trend in the dollar’s strength against other currencies. However, the exact impact of increased oil sales on dollar availability remains unclear, leaving many businesses in a precarious position.
Details remain unconfirmed regarding the ongoing negotiations between the U.S. and Iran, which may also influence the dollar rate and economic conditions in Venezuela. As the situation evolves, Venezuelan businesses continue to grapple with the challenges posed by currency fluctuations and inflation, underscoring the need for stability in the foreign exchange market.