CARACAS, Wednesday November 14, 2012 | Update

Supply of US dollars through Sitme the lowest since 2010

The operations registered on Monday by the Central Bank of Venezuela (BCV) amounted to USD 18.79 million, the lowest since 2010

Sitme has been operating since June 9, 2010 (File photo)
Wednesday November 14, 2012  11:02 AM

Financial sources have reported a downturn in the supply of foreign exchange through the Transaction System for Foreign Currency Denominated Securities (Sitme) due to insufficient bonds. The operations recorded on Monday by the Central Bank of Venezuela (BCV) totaled USD 18.79 million in debt bonds, the lowest figure since December 31, 2010, when USD 18.26 million were negotiated. 

The amount actually ranks among the ten lowest transactions in the 596 days of operations so far through Sitme, a system that has been running since June 9, 2010.

Think tank Econanalítica Director Asdrúbal Oliveros recently commented that the bond stock would be sufficient until late November. Consequently, a new issue of debt bonds by the Venezuelan State would be needed to boost foreign exchange supply through Sitme.

In the case of the largest banks, bonds sales declined from more than USD 3 million per each banking institution by the end of September to USD 2.2 million were registered by the end of October.

Translated by Jhean Cabrera
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