Central Bank avows that demand of foreign currency overtakes supply
Since demand is higher than supply, there are queues at the Transaction System for Foreign Currency Denominated Securities (Sitme)
The senior officer vouched that the Foreign Exchange Administration Board (Cadivi) has kept on dealing with all applications. Thus far this year, for instance, USD 2 billion has been apportioned among travelers.
Nevertheless, he did allow a different situation concerning the Transaction System for Foreign Currency Denominated Securities (Sitme). In his own words, since the demand of foreign currency is higher than supply, queues are formed in the scheme.
With regard to a potential devaluation of the local currency, "some topics are not discussed publicly, but between the Executive Office and the Bank. It is not being discussed and cannot be discussed," the BCV president said, as quoted by private news TV channel Globovisión.
A simple reason: there is oil galore, would suffice to explain Guyana's actions. Another explanation lies in the little or none efforts made by the Venezuelan government to thwart the move by the Guyanese. This is certainly not a new problem, but a problem only recently highlighted because oil is involved. But what other resources does the disputed area hold? For most of us it is a section on the map with black and white stripes on it, a depiction of something distant, alien, a nothingness not worth paying much attention to in geography classes back in elementary school.