Venezuelan Central Bank has not offered bonds for two days
US dollars traded in the system shed USD 10.13 million only
Companies buy from Sitme the bonds issued by the Republic of Venezuela or state-owned oil holding Petróleos de Venezuela (Pdvsa). They resell the notes to get US dollars at the official exchange rate of VEB 5.30 per US dollar. However, in the two last sessions, the Central Bank of Venezuela (BCV), the entity responsible for the system administration, has not offered any bonds. Therefore, only small amounts are traded and later deposited in public or private financial institutions.
On Wednesday, financial institutions spoke with BCV officers. Queried about the potential supply of securities, the BCV representatives replied that the BCV is not required to offer bonds on a daily basis.
Companies used to purchase USD 44 million daily from Sitme; now, the BCV has turned off the tap and traded amounts are very different.
President Nicolás Maduro is not only the heir to the throne, but also to an economic crisis which demanded urgent measures to rectify the course. The crisis showed up in two aspects: a 50% inflation estimate, and shortage of staples ranging between 70% and 98%. These issues might hit the President's poor popularity; considering his feeble electoral victory of 1% over his challenger.