Central Bank of Venezuela sells $11B to narrow exchange gap

Central Bank of Venezuela: The Central Bank of Venezuela (BCV) serves as the country's primary monetary authority, responsible for issuing the bolivar, managing foreign reserves, and implementing policies to influence inflation and exchange rates. In the context of the reported news, it has actively sold dollars into the official currency market to reduce the spread between official and parallel exchange rates for the Venezuelan bolivar. As of mid-September 2026, the BCV introduced new measures raising reserve requirements, penalties for non-compliance, and deposit interest rates to support the currency amid rising government spending. Monetary Policy: The central bank has implemented adjustments to interest rates and banking reserve rules to enhance the effectiveness of its monetary policy and support the local currency. Currency Market Intervention: Ongoing dollar sales by the central bank target the narrowing of gaps between official and unofficial exchange rates for the bolivar.