El Universal (2010) | Venezuela’s Annual Inflation Rates

In January 2010, El Universal, one of Venezuela’s leading newspapers published this interview “Oscar García Mendoza recommends dollarization of the economy” Excerpted here: “The president of Banco Venezolano de Credito, Oscar Garcia Mendoza, reiterated his proposal to dollarize the Venezuelan economy as a means to curb inflation and stabilize the value of the currency. He believes that the Government should handle state funds through their own institutions, dollarize the economy to curb inflation and maintain a stable monetary unit, in addition to recovering the true role of the Central Bank, among other changes.” Read more. Earlier this week, Prof. Steve Hanke , Applied Economist from Johns Hopkins University and Senior Fellow & Director of Troubled Currencies, tweeted the following graph.