Venezuela tests a new exchange system
In the opinion of Jorge Kamenar, Manager of Corporate Finance at Intelinvest, the measure will provide confidence to large corporations as well as boost the Venezuelan economy
The new exchange system came into force in Venezuela on May 13th. The banks registered in the dynamics have made transactions with caution, to observe how the market develops.
In this regard, we consulted the economist Jorge Kamenar, manager of corporate finance and strategies of Intelinvest, to know his point of view and first impressions. Kamenar believes that “the measure should have been taken long ago to benefit the large banking corporations that now do not have to resort to the black market.”
It is known that in Venezuela the parallel dollar had maintained an upward trend, exceeding the border of 6,000 bolivars per unit. At the exchange tables, parity is approximately 10% lower, according to Kamenar, which is particularly functional for medium and large transactions, not for retail.
Positive measures
Kamenar considers that this is a good measure of the Central Bank of Venezuela (BCV), which will benefit local entities in carrying out transactions “direct, safe, fast, effective and within the framework of legality.”
The idea is that these banks can place their dollars -from bills or credits- directly through the subsidiaries outside of Venezuela, without resorting to risky negotiations like those they had been doing when resorting to the “black market”, with a parallel dollar to the officer handled through the Dicom.
Actors should be cautious
Jorge Kamenar also emphasizes the need to operate with caution, observing the dynamics of transactions in the new exchange system in Venezuela.
In this regard, it is appropriate to mention that this Tuesday, the average transaction rate was published: Banco de Venezuela, 5,256 bolivars per dollar; National Credit Bank (BNC) 5,254 bolivars per dollar; Banco Exterior with 5,239 bolívares and BanCaribe with a rate of 5,860 bolívares per dollar.
The economist and manager of Intelinvest emphasizes: “We can not still know the impact of the new system of change.” On the possible incidence of this change in the increase of inflation in Venezuela, considers that there are other elements to take into account and makes the caveat that the price of the dollar can continue to fluctuate, causing citizens to have to invest more to cover their consumption.
Kamenar believes that the implementation of the tables of change in the Venezuelan banking system is a “clear message from the BCV to the private sector” to encourage banks and large corporations to bring their dollars and carry out transactions through their international partners.
M.Pino
