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June 18, 2019 7:38 pm
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Updated on June 18, 2019 19:57
40% of transactions in Venezuela are paid in foreign currency, a volume eight times higher than that recorded in 2012, said Tuesday the economist Asdrúbal Oliveros.
"In 2012, it was estimated that dollar transactions did not reach 5% .We are currently talking about 40%," said Oliveros, co-director of the company's financial analysis Ecoanalítica. The economist claimed that this volume continues to increase.
In Venezuela, since 2003, a strict exchange control, limiting transactions in foreign currency, was eased in May with the arrival of the exchange tables.
On the technical side, Oliveros indicated that Venezuela knew what is called transactional dollarization, in which, although the use of US currency is not formally or legally established, it is allowed by the authorities.
The economist explained that the use of a foreign currency for transactions is a typical phenomenon of hyperinflationary cycles, as is the case of Venezuela which, in 2018, according to the law. National Assembly, had an inflation of 1 698 488.2%, and 130 060.2%, according to the Central Bank of Venezuela.
With hyperinflation, economic agents are taking refuge in a strong currency that allows them to retain the value of their funds and, in addition, facilitate transactions, not to mention the chronic lack of liquidity in the country.
"Once the economic agent has agreed to pay part of its foreign currency transactions, it is very difficult for you to go back," he said.
With regard to so – called change tables, he considers that it is a positive step, but it is obviously late because its effect will be dampened by the dynamics of the sanctions and the isolation of it. economy.
The slowdown in the consumer price index is a fact, although it has been achieved with a noticeable impact on the decline in consumption and the contraction of credit, with which the effect of this adjustment is supported by the financial system.
If last year, the Venezuelan economy recorded a weekly inflation of 25%, the consumer price index (CPI) was reduced to 10% per week in January 2019, and was 5% last week from May to the beginning of June. Weekly
However, he pointed out that any forecast of high inflation for this year would be exceeded and that it would likely be less than 100,000% annually even in the case of hyperinflation.
He presented the conference Opportunities for Tourism Sector and Economic Prospects 2019, during an event organized by the Venezuelan Association of Travel Agencies and Tourism and Air Europa.
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