ESPACIO PUBLICITARIO
CARACAS, Thursday November 22, 2012 | Update
 
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ECONOMY

Venezuelan Central Bank has not offered bonds for two days

US dollars traded in the system shed USD 10.13 million only

EL UNIVERSAL
Thursday November 22, 2012  02:11 PM
The week of November 19-23 started with a plunge in the amount of US dollars that companies can buy through the Transaction System for Foreign Currency Denominated Securities (Sitme) amidst growing fears of a serious shortage of goods in the domestic market or looming devaluation of the local currency.

Companies buy from Sitme the bonds issued by the Republic of Venezuela or state-owned oil holding Petróleos de Venezuela (Pdvsa). They resell the notes to get US dollars at the official exchange rate of VEB 5.30 per US dollar. However, in the two last sessions, the Central Bank of Venezuela (BCV), the entity responsible for the system administration, has not offered any bonds. Therefore, only small amounts are traded and later deposited in public or private financial institutions.

On Wednesday, financial institutions spoke with BCV officers. Queried about the potential supply of securities, the BCV representatives replied that the BCV is not required to offer bonds on a daily basis.

Companies used to purchase USD 44 million daily from Sitme; now, the BCV has turned off the tap and traded amounts are very different.
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