In the middle of the economic crisis in Venezuela, the Chavez regime launched a parallel foreign exchange market

In the context of the crisis that crosses the country, the Venezuelan regime inaugurated Monday a new foreign exchange market, which offered the first day an exchange rate against the dollar 34.5% lower than the current government rate.

The central bank of Venezuela (BCV) announced on his Twitter account that the platform, called Interbands, "is now part of the country's foreign exchange market system, duly authorized by the Ministry of Finance and the issuer."

The platform offered the dollars to 3,200 bolivars, which compares with the current official rate of 2084 bolivars / dollar of the Dicom system, and seeks to attract those who buy and sell currencies informally In a market that is not very transparent, it is governed by parities of websites that the government accuses of being part of an "economic war".

Interbands He indicated on his website that the parity would result from transactions between the bidders and the complainants, but the starting exchange rate was announced at dawn on Monday. without specifying how it was calculated.

The platform indicated that the owners are "Spanish investors" and, in an accompanying letter, published on its website, that the proprietary company is Interban exchangewhose shareholders are Ampajesu, a company registered in Granada, Spain, and Bull Equity Management, a company from Barbados.

The Central Bank has not responded to requests for comments in order to provide more details on the new platform.

The new system is announced when the serious political and economic crisis in the country has been exacerbated by international pressure on the Maduro dictatorship and new opposition protests.

Analysts have estimated that the new market will not solve the currency difficulties, facing a drought monetary. "The system will not correct the distortions"he said Henkel García, director of the local econometric society. "The serious problem in the country is the weakness of the supply of dollars", he added.

In August, the regime repealed the law against the illicit exchange rate and, after this measure, approved a new foreign exchange agreement which, in one of its articles, mentions the "free convertibility" of the currency, but other provisions maintain the strict change of control in force for 16 years.

The mechanism of official allocation of dollars, Dicom, is insufficient to meet private sector demand for the few dollars the Central Bank has available because of the drop in output of the state-owned oil company PDVSA.

In the new exchange transaction system, the privately owned discount bank Occidental initially participates, Interbanex said on its Twitter account.

Manuel Armas, spokesperson for Interbanex's customer service, said that other private entities would be on this platform. He added that those who buy and sell currencies would use their dollar accounts in the local banks, then could make transfers to accounts abroad.

State institutions, which have struggled to move money with US sanctions, will not participate for the moment.he remarked.

Asdrúbal Oliveros, director of the consulting firm Ecobadítica, said recognition of the value of the dollar "came too late" and that she doubted the viability of the new regime in the face of political tensions.

"The problem is not the platform, which is perhaps the best in the world (…), the country is in a dynamic where it is not viable, and it's going to be s & # 39; 39; worse "he warned.

The official rate last Friday it was 2.084.39 bolivars per dollar, resulting from an auction system coordinated by BCV. It was not clear whether the new platform will replace these offers or both modes will coexist.

An owner of one of the portals who cited the "black dollar" He was arrested last April – accused of "financial terrorism" by the prosecutor – and thousands of bank accounts have been blocked by foreign exchange controls.

Since last August, when Maduro launched a reform package against the crisis, the bolivar devalued 98.12%. The plan had already begun with a 96% devaluation.

The electronic platform was authorized on January 26 by the Central Bank of Venezuela (BCV). On its website, citizens must register and create a user with the bank accounts that they will use.

The objective of the platform is to exchange authorized currencies, with an exchange rate determined by the bidders and the applicants, explains The National

According to Interbanex, this system can be used by all private entities in the next 15 days.

"The transfer of the currencies acquired will be the responsibility of each bank and the users must carry out their operations with the financial institution that provides them with the best possible service," he said.

With information from Reuters and AFP