Trade at Sitme estimated at its lowest
The traded amount on Monday was USD 21.1 million
The report entitled Financial Summary notes that in three-week term, trade has dropped and "reached a trough in almost two years, precisely when the seasonal demand has marked an upward trend since August."
Through September, allocations through the Sitme surged 56%, thus offsetting the stagnation showed by the approvals of the Foreign Exchange Administration Commission (Cadivi). However, less availability of notes has made trade at Sitme narrower. On Monday, the Sitme dealt only USD 21.13 million, according to the BCV.
The report adds that, "the Sitme behavior has disconcerted the market, which expected the BCV to keep the pace of the supply, promptly replacing its stock of bonds. However, the question is more pressing when considering the high portfolio of assets denominated in foreign currency owned by the BCV. Ending August, it was around USD 10 billion and we deem that no changes have occurred since then."
A group of some 60 Venezuelan economists from across the country and from different generations and backgrounds, has met regularly in the past couple of years and now has brought forth a document explaining the reasons of the current emergency and outlining specific proposals on how to address the serious economic crisis the country has plunged into over the last three years.