The economic cabinet announced that the Central bank of Venezuela will completely absorb the operations of the exchange market and, in that sense, will determine a band with a limit.

Maria Ramirez Hair
mramirez@correodelcaroni.com
Photo File

The market exchange finances 30% of the imports

The emitting being will elaborate a norm and, meanwhile, it is suspended to the market of purchase and sale of titles values with foreign currency.

“Each title value has a price in the international market, that gives an implicit value, that is what they called parallel dollar. The BCV will determine a band following the title of smaller value and of the one of greater value”, the president of the BCV, Nelson Merentes explained.

Minister of Economy and Finanzas, Jorge Giordani, reiterated that the behavior of the stock market has been characterized for being highly speculative, of there the Illicit reform to the Law against Exchange that grants to the BCV the exclusive feature in the currency handling.

“We are before one second financial avalanche mainly in the stock market”, said, when explaining the mechanism used by the stock market houses that, in his opinion, they did not look for more than to destabilize the economy and to stimulate the exit of currencies.

Giordani considered the origin of the bottoms of the stock market houses doubtful and, although it said that it preferred not to describe, showed that it is money laundering and legitimation of capitals. Even, it said, “determine the rate of change through an electronic mechanism of fixation of the rate from the outside”.

“the BCV will assume the currency market with the absolute exclusion and total of the houses of stock market and societies of brokerages”, it emphasized.

Giordani maintained that they have come working closely with the National Assembly in relation to a series from laws, some of which have been approved like the Law of Public the Financial System and the modification of the Law of the BCV, “and those that are studying of insurances, market of values and banking system”.

Exchange mechanism
The holder of the BCV, Nelson Merentes, indicated that they wish to replace the mechanism of the houses of stock market by a system is transparent and efficient. “the BCV will look for and make a call to those people who want to sell their titles values”, she indicated.

“The market is going to be fixed in agreement with the valuation of the titles to the international market and a band with a limit inferior and superior. The BCV summons to the plaintiffs and offerers and makes a species of clearing house”, where it hopes that both parts are satisfied.

It maintained that one is working in the platform and soon will occur to know the norm clear and it express. It indicated, in addition, that they will occur to know the amounts supply and demand, with which - it assured will be reduced the speculation.

“There is sufficient liquidity in bolivars reason why it does not have sense to speak of a financial corralito”, said, when adding that one will compromise based on the supply and the demand.

“the BCV will define a band and surely the valuation that it had (the exchange) until one week ago is going to be very underneath”, added.

More interventions
President of National Commission of Values, Tomás Sanchez, indicated that the institution secured to serious evidences of speculative operations in the purchase and sale of titles values in foreign currency, that gave to foot to administrative measures and interventions of stock market houses.

When indicating that they will be continued the investigations, he indicated that “if all is to blame in irregularities, all will be taken part”, expressed.

Before closing the press conference, minister Giordani asserted that the mass media “are responsible and will have to go before justice”.

“What one is becoming is to adjust the Venezuelan finances (...) must itself standardize the currency distribution”, he said.

The houses of stock market and societies of brokerage compromised of legal way titles values to obtain the call dollar permutes, that finances near 30% of the imports. In the last weeks, its quote had risen progressively of significant form. (MRC)

Law in use

The National Assembly published in the Official Newspaper Nº 5,975, of date 17 of May of 2010, Illicit the partial reform of the Law against Exchange, that modifies three articles of the original body.