To stop Venezuela’s death spiral, it must officially dump the bolivar and adopt the greenback. To do that you need a dollarization law. Interest rates shall be converted into the replacement currency by the following procedure. The ratio between existing interest rates in Venezuelan bolivars and the benchmark interest rate in the Venezuelan bolivar shall determine the interest rate in the replacement currency, which shall bear the same ratio to the benchmark rate in the replacement currency. In no case, however, shall new interest rates in the replacement currency resulting from the conversion procedure exceed 50 percent a year.

Source: Forbes August 15, 2017 18:45 UTC