The president of the Caracas Stock Exchange, José Grasso Vecchio, stated in a radio interview last week that investors with concrete projects have arrived in the country from the United States, Europe, Asia, and the Middle East in order to generate new business opportunities.

Grasso Vecchio affirmed that “the interest has moved from inquiries to technical planning; he also assured that there are strong responses from people who are discussing figures, concrete projects that will be seen in the coming months.”

According to the official, this dynamism is reflected in “the local stock market index, which has already registered a 200 % increase so far this year.”

Grasso Vecchio indicated that key sectors, such as manufacturing, pharmaceuticals, and agribusiness, are attracting the attention of foreign investors thanks to the easing of sanctions by the United States and the reopening of Venezuela’s relations with the IMF and the World Bank.

From his perspective, the Venezuelan market currently has “all the conditions to compete internationally, focusing on providing confidence to those who see the country as a strategic place to invest in this new economic phase.”

M.Pino

Source: alnavio

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The president of the Caracas Stock Exchange, José Grasso Vecchio, indicated during an interview last week that there are positive expectations regarding the stabilization of the Venezuelan economic system.

The executive stated that the institution is receiving numerous calls from investors around the world, which indicates a favorable opening to the national economy.

Local and foreign investment play a fundamental role in the recovery of the financial system, which, according to Grasso Vecchio, is “ready, stable, regulated, and interested in serving as a bridge to channel the flow of investments into the country.”

Regarding the exchange rate gap, he indicated that thanks to the easing of sanctions and the opening of the oil sector, a steady influx of foreign currency into the market has been achieved, which helps stabilize the exchange rate, with positive projections for the macroeconomic outlook.

The president of the Stock Exchange advocated for maintaining optimism in the face of the current situation. “It’s a great time to be positive, to support all this economic activity that is coming and that will help guide these results.”

M.Pino

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The Petrolia Fund, established with the goal of “harvesting oil,” started a new phase in the Venezuelan economy by starting to trade on the Caracas Stock Exchange (BVC) on October 1.

The fund began trading on the BVC board with 18 million Class B shares, under the symbol PCP.B. The official launch took place on Monday, September 29.  “This is considered the first of its kind in the country, and its objective is to provide financing to companies that offer services to the hydrocarbon sector.”

The president of the Caracas Stock Exchange, José Grasso Vecchio, stated: “For us, it is excellent news to have them here. This is a company that emerged in the market, as a company in its growth phase, and today we see its listing on our board. So far this year, we have recorded growth in all four market segments. That is our goal: to promote the sector.”

The president of the Petrolia Fund, Álvaro Pérez, revealed that the country has the capacity to produce up to “3 million barrels per day” and emphasized the new company’s commitment to providing strategic support for the development of the oil sector.

M.Pino

Source: finanzasdigital

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During the conference entitled “Finances for All”, held on the beautiful island of Margarita on the occasion of the inauguration of the Center for Integral Studies, José Grasso Vecchio, a prominent financial analyst, emphasized the crucial relevance of credit activity to promote the expansion and sustained growth of the economy in any corner of the world.

In his speech, Vecchio made reference to the economic situation in Venezuela, where the main export products come from the agricultural sector, and stressed the importance of granting credits to further promote this economic field.

“In the case of Venezuela, the credit portfolio reached 1,004 million dollars in June, destined mainly to the National Productive Single Portfolio, covering items such as white corn, yellow corn, rice and legumes. In addition, support has been provided to items such as coffee and cocoa, both for domestic consumption and for export, as well as to other agricultural sectors, the food and pharmaceutical sectors,” explained Vecchio.

Another relevant credit area mentioned by the expert was support for entrepreneurs. To date, there are approximately 700,000 businesses under development in the country, and this figure is expected to exceed one million by the end of 2023. He also highlighted microcredits for legal entities, which benefit small businesses.

“Even so, we still have a pending task: the rescue of loans in sectors of interest, such as vehicles, mortgages and consumer loans. It is essential to renew a significant part of the cargo, passenger and transport fleet staff,” the analyst continued.

Vecchio optimistically pointed out that, compared to the same period of the previous year, national banks show positive indicators and results at the end of December 2022, a trend that has been maintained at the end of the first half of 2023.

“It is noteworthy that 98 % of bank transactions are digital, and bank access has reached levels of 84 %. In this sense, bank branches have reduced their role in customer service, focusing on those aspects that require physical presence,” Vecchio stressed.

In addition, the analyst praised the process of modernization of the means of payment promoted by the Central Bank of Venezuela (BCV), which has led the country to become a digital economy.

These advances include immediate credit services and the Real Time Global Gross Settlement System (LBTR) and immediate debit, which will significantly facilitate the payment system in the country. With these developments, Venezuela is moving towards a more solid and modern financial future.

K. Tovar

Source: Contrapunto

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