Official exchange rate deemed overvalued at 100%
International reserves fell down again to USD 25.7 billion
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.
They are marching in step to the same tune. There is a coordinated effort to position the idea. The Twitter hashtag #YoSoyVictimaDeLaGuarimba (I'm a victim of "guarimbas", or protest barricades) can be read on all pro-government Twitter accounts, including those of the ruling United Socialist Party of Venezuela (PSUV), the National Assembly's Press Office, the state-run food distribution network PDVAL, state airline Conviasa, the Venezuelan embassies in foreign countries, radio stations and the huge media network responsive to the Government's interests and messages.