Economist Pedro Palma claims that statistics disclosed by the Foreign Exchange Administration Board (Cadivi) and the Central Bank of Venezuela (BCV) show that the parallel exchange market -where the US dollar exchange rate to the Venezuelan bolivar exceeds VEB 4,000- is the market the private sector uses the most to buy dollars to afford 20 percent of imports in Venezuela.

"Special attention should be paid to the parallel market. More than 19 percent of imports of goods last year were not afforded with US dollars at the official exchange rate. Therefore, imports afforded with US dollars bought in the parallel market exceeded USD 6 billion," said Palma, a member of the board of director of the Academy of Economic Sciences.

"This amounts to USD 500 million a month, excluding other transactions at the parallel market. Therefore, this is not a marginal market, it is rather very important."

Minister of Finance Rodrigo Cabezas has said that the parallel market has no major impact on the Venezuelan economy, as only 5 percent of imports are afforded with US dollars purchased in this market.