ESPACIO PUBLICITARIO
CARACAS, Tuesday November 20, 2012 | Update
 
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FINANCE

Trade at Sitme estimated at its lowest

The traded amount on Monday was USD 21.1 million

EL UNIVERSAL
Tuesday November 20, 2012  08:13 AM
While last November 7, the president of the Central Bank of Venezuela (BCV), Nelson Merentes, claimed for certain that trade through the Transaction System for Foreign Currency Denominated Securities (Sitme) has ranged from USD 40 million to USD 60 million, over the past few days it has been far away from this performance.

The report entitled Financial Summary notes that in three-week term, trade has dropped and "reached a trough in almost two years, precisely when the seasonal demand has marked an upward trend since August."

Through September, allocations through the Sitme surged 56%, thus offsetting the stagnation showed by the approvals of the Foreign Exchange Administration Commission (Cadivi). However, less availability of notes has made trade at Sitme narrower. On Monday, the Sitme dealt only USD 21.13 million, according to the BCV.

The report adds that, "the Sitme behavior has disconcerted the market, which expected the BCV to keep the pace of the supply, promptly replacing its stock of bonds. However, the question is more pressing when considering the high portfolio of assets denominated in foreign currency owned by the BCV. Ending August, it was around USD 10 billion and we deem that no changes have occurred since then."
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Is protest over?

That political protest in Venezuela has lost momentum seems pretty obvious: people are no longer building barricades to block off streets near Plaza Francia in Altamira (eastern Caracas), an anti-government stronghold; no new images have been shown of brave and dashing protesters with bandanna-covered faces clashing with the National Guard in San Cristóbal, in the western state of Táchira; and those who dreamed of a horde of "Gochos" (Tachirans) descending  in an avalanche to stir up revolt in Caracas have been left with no option but to wake up to reality.

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