ESPACIO PUBLICITARIO
CARACAS, Tuesday December 11, 2012 | Update
 
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FINANCE

Official exchange rate deemed overvalued at 100%

International reserves fell down again to USD 25.7 billion

Minister of Finance Jorge Giordani has hinted the possibility not to disrupt the official exchange rate and enhance rationing of foreign currency (File photo)
EL UNIVERSAL
Tuesday December 11, 2012  01:13 PM

Macroeconomic policies in the agenda of the Government of President Hugo Chávez exhibit foreign exchange adjustment, even devaluation. However, the new political scenery raises doubt about the prompt implementation of this kind of decision making.

"We can see a combination of components that point to the need to fix the official exchange rate and open a foreign currency flow in line with imports and other payments required by the economy," maintained think tank Síntesis Financiera.

In the opinion of this firm, the official exchange rate at VEB 4.30 per US dollar is overvalued at 100%. It is a level approaching the record of 115% of overvaluation smashed in December 2009, just one month before the devaluation where two tiers of official exchange rate were set in order to lessen the inflationary impact of correction.

Minister of Finance Jorge Giordani has hinted the possibility not to disrupt the official exchange rate and enhance rationing of foreign currency.

The report released by Síntesis Financiera highlighted the performance of international reserves, which fell down again to USD 25.7 billion. It noted as well that international reserves have shed USD 4.1 billion this year.
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The rock of discord

A shipment of over 30,000 tons of phosphate arrived at Puerto Cabello port in late July on board the Shi Long Ling, a Chinese-flagged vessel that began its long journey in northern Africa. The cargo boat docked on July 26 after traveling more than 3,200 nautical miles. Undoubtedly, this would just be considered one in many cargo ships crisscrossing the oceans if it were not for the fact that Venezuela has denounced Western Sahara occupation by Morocco and yet purchases the territory's natural resource products from the occupying power.

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