Venezuelan gov't investigates the recipients of US dollars through Sitme
Bank of America forecasts a system to sell US dollars in cash
The system allowed companies to buy US dollars through a bond sale market. According to the regulations, only the importers of products not listed as priority goods could apply for US dollars at Sitme. As for the importers of listed products, the request for foreign currency should be made at the Foreign Exchange Administration Commission (Cadivi).
Auditors currently seek companies that requested US dollars from Sitme to import priority goods, as well as companies that eventually did not import the products for which they were sold US dollars.
The authorities are also probing importers which sought US dollars via Sitme after having been refused a certificate stating that the products to be imported were not produced at home. Is that illegal? There are no regulations for such matter and some banks approved applications that could now be challenged.
US dollars delivered via Cadivi are also subject to auditing.
Sources of the central bank reckon that the Government may come up with a substitute of Sitme and measures to relax the US dollar sale.
Likewise, a report compiled by Bank of America forecasts a system whereby US dollars in cash may be sold to enterprises.
Translated by Jhean Cabrera
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.