ESPACIO PUBLICITARIO
CARACAS, Friday September 20, 2013 | Update
 
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Econométrica estimates Venezuela's inflation next year at 44%

Official forex rate at the Foreign Exchange Administration Commission might be adjusted to VEB 10-12 against one US dollar

EL UNIVERSAL
Friday September 20, 2013  03:33 PM
Within the framework of the Economic Perspective Forum 2014 recently held by Econométrica, its director, Economist García Banchs, stressed Venezuela's economic prospective in 2013-2014 is bleak.

In the view of García Banchs, Venezuela's gross domestic product was likely to suffer a downturn calculated at -1.7% if oil prices averages USD 105 per barrel.

Further, inflation might hit some 44% expressed in the National Consumer Price Index. Such a result would actually be below the forecast for 2013, estimated at 47%, the Econométrica's director hinted.

Other estimates point to a drop in private consumption and a rise in the forex rate at the Foreign Exchange Administration Commission. This may even happen as of 2013 upon the local election of December 8, when the forex rate may be adjusted to VEB 10-12 against one US dollar.
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A shipment of over 30,000 tons of phosphate arrived at Puerto Cabello port in late July on board the Shi Long Ling, a Chinese-flagged vessel that began its long journey in northern Africa. The cargo boat docked on July 26 after traveling more than 3,200 nautical miles. Undoubtedly, this would just be considered one in many cargo ships crisscrossing the oceans if it were not for the fact that Venezuela has denounced Western Sahara occupation by Morocco and yet purchases the territory's natural resource products from the occupying power.

 
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