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Nearly 40 auctions have passed since the announcement of the intervention of the national government in the foreign exchange market for November and December. The first month is almost over, with no sign of achieving the measure.
The promise of an injection of 2,000 million euros into the foreign exchange system to date has still not materialized in 39 subsequent auctions announced by the vice president of the economy , Tareck El Aissami.
According to what has been established, it would be in November that the inclusion of the high sum would begin. Today, there is little left for the end of the month, in which there is still no possibility to specify what has been promised.
On the contrary, the total amount of auctions in this currency is around 5 million, attributed to the productive sector of the country after a month and a half of announcement.
The offer of dollars scored a total of 120 million awarded during the same period.
The economist Leonardo Buniak, analyzes these margins as "infinitely lower" to the import needs of a country like Venezuela, which "in its best moments of 2011, 2012 and 2013 imported levels included between $ 44,000 and $ 52 billion, giving an average of over $ 3,500 and $ 4,000 million a month. "
Buniak points out that this situation is extremely complicated for the country's economy and even affects the prospects for next year, whose projection, he says, is "much more difficult, we would import in 2019 below the $ 8,000 million ".
The specialist said that "any promise of government injection, ie 2 billion euros, will still be conditioned by the true availability of the country's foreign currencies" and that with the current scenario "we let us observe the violation by the executive power of the injection of promised money, which is a clear manifestation of the deterioration of the cash flow, of the cash in currencies ".
He said that this was in a context of "fall", marked by "the so important decline" of oil production, associated with a fall in the price of a barrel, which, according Buniak, leaves the imagination Scenario unattractive income for early 2019 and the rest of the year.
He also pointed out that the government had chosen the selective default strategy, as some debt instruments and bonds were not honored, having only been settled in 2020, which represents 51.1% of the shares of Citgo, a Venezuelan company abroad. (United States).
The economist warned that the payment of debts could have been made "without any doubt, to the detriment of the allocation of foreign exchange to imports", which would affect the distribution of foreign exchange to the productive sector so that these can acquire their raw materials, semi-finished and finished products, as part of an "internal ecucación".
On October 16, El Aissami reported on the intervention of the national executive on the foreign exchange market with the injection of 2,000 million euros to strengthen the purchase and the the sale of foreign currency in the country.
He also said the government would make foreign currency offers in November and December to the productive sectors. It was after auction 26 that the stopwatch began to work in expectation of a promise that, after multiple "ticks", has not yet been finalized.
Since 2014, Venezuela is suffering from a monetary drought in dollars following the collapse of oil prices, a situation that has been aggravated only by the fall in oil production, source of 96% currencies entering the country.
After the revival of Dicom, he left
moderately monitoring the foreign exchange market, which has seen a sharp rise in the purchase of foreign currency by natural persons.
Almost exhausted the eleventh month, subtract December to close the margin intended to inject the currency to a Dicom full of hope, still in the waiting room.
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