BCV to inject between $1.2 billion and $1.8 billion into the exchange market through December

Economists Hermes Pérez and Luis Crespo estimate that the Central Bank of Venezuela (BCV) will inject between $1.2 billion and $1.8 billion into the market through December.

They indicated that “the decision regarding the amount of interventions has a component that transcends economics and is linked to the desires of policymakers.”

According to Pérez, the volume sold also depends on factors such as oil revenues, which have benefited from the conflict surrounding the Strait of Hormuz. He added that in the event of a drop in international oil prices, the amounts sold by the Central Bank of Venezuela (BCV) to the foreign exchange market would decrease.

For his part, Crespo noted that “given that the Central Bank of Venezuela itself was discussing figures, we can identify a range between 1.5 and 1.8 billion dollars, depending on market behaviour.”

To date, the economist emphasized, the BCV has injected approximately 9.2 billion dollars into the exchange market. Last July, the supply was 2.2 billion dollars, “and we hope that the market will stabilize and that exchange rate, monetary, and fiscal strategies will be defined to help achieve this. If the structural problems are not corrected, this will truly be a drain on the nation’s revenue,” Crespo warned.

M.Pino

Source: bitacoraeconomica

(Reference image source: archive)

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