ESPACIO PUBLICITARIO
CARACAS, Monday February 25, 2013 | Update
 
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FINANCE

Venezuelan finance minister does not rule out substitute for Sitme

The minister says he spoke to President Hugo Chávez last December 28

Finance Minister Jorge Giordani conceded an escalation in inflation since October (File photo)
EL UNIVERSAL
Monday February 25, 2013  03:52 PM
In a televised interview, Venezuela's Finance Minister Jorge Giordani did not rule out the possibility of creating an alternative mechanism to the Transaction System for Foreign Currency Denominated Securities (Sitme). Giordani added that "such things are under consideration permanently."

The finance minister stated that Sitme "had to come to an end" because "it was fed inadequately through  two sources: government and state-owned oil company Pdvsa's indebtedness."

Giordani admitted that Venezuela's devaluation will have inflationary effects, and indicated that the rise in the price of some products had been reported prior to the adoption of the economic measure. "We have been hit (by inflation) in the latest months, namely October, November, December, and even January..."

"Inflation is associated with a problem in domestic output; it is vital to produce because there is demand," he noted.

Giordani asserted that he has been in contact with Venezuelan President Hugo Chávez, particularly last December 28 when Chávez called him asking specific questions about all the economic actions.

Translated by Jhean Cabrera
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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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