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CARACAS, Monday February 11, 2013 | Update
 
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DEVALUATION | Lawmaker rules out problems

Only forex board is to manage US dollar sales in Venezuela

"All import requirements will be channeled through Cadivi (Foreign Exchange Administration Board)," said the chair of the Finance Committee, National Assembly, Ricardo Sanguino. "The measures announced (on February 8) by Minister of Planning and Finance (Jorge Giordani) are intended to achieve macroeconomic and social stabilization," he reiterated

On February 8, the Venezuelan Government announced a devaluation of 46.5% and the elimination of the Transaction System for Foreign Currency Denominated Securities (Sitme) (File photo)
ROBERTO DENIZ |  EL UNIVERSAL
Monday February 11, 2013  10:43 AM
Pro-government deputy Ricardo Sanguino, the chair of the Finance Committee, National Assembly of Venezuela, said that the Forex Exchange Administration Commission (Cadivi) alone is to manage dollar sales for all imports in the country.

"All import requirements will be channeled through Cadivi," Sanguino told private news television channel Globovisión. Regarding the possibility of creating another mechanism for selling foreign exchange, Sanguino said authorities would wait for the results of the new economic moves.

"If results are not succesful, adjustments and corrections will be made."

On February 8, the Venezuelan Government announced a devaluation of 46.5% and the elimination of the Transaction System for Foreign Currency Denominated Securities (Sitme) –a move that ignited concerns in the business sector.

Economic research firm Econalítica estimates that 20% of private imports, that is 12% of total imports, were made through Sitme. If Cadivi fails to meet the US dollar demand for imports, this would put a straitjacket on the companies that used the Sitme.

Unlike Sanguino, Executive Vice-President Nicolás Maduro and Minister of Planning and Finance Jorge Giordani announced that there will be greater surveillance on the sales of dollars to businesses. They claimed that is the reason why the Higher Agency for Upgrade of Exchange System was created.

"We will implement preliminary, efficiently automated controls to meet the needs of the country (...) Further, there will be subsequent controls for Venezuelans' dollars to be well spent. Adjustments are needed for Cadivi to play a more efficient role," Maduro said on February 8.

Translated by Maryflor Suárez R.
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