The treasury department has placed special sanctions upon the central bank of Venezuela. This is not targeting the whole country, but instead preventing the central bank from exercising full authority over the monetary system of Venezuela. This step is a shot at the authoritarian ruler, Nicholas Maduro, and will prevent him from further enriching himself and his closest allies in the Venezuelan government. The goal is to keep regular credit and debit transactions going and keep the aid going to the people rather than lining the pockets of top Venezuelan officials. This is a very deliberate offense against a monetary institution. Venezuela has had inflation of monolithic proportions since Maduro came to power. The details of the sanction are not completely outlined by the treasury but it can be assumed it targets the currency reserves of the Venezuelan central bank (and the ability to buy and sell its own currency). This is a case of economic might being used in the political arm of international politics. How this will play out for Venezuela is to be seen but this could be a blow against Maduro's use of the treasury as a weapon within Venezuela.
To see this working, head to your live site.
Search