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)

Follow our news on Google! For current, interesting, and accurate information, click here to see all the content on Bitfinance.news. You can also find us on X/Twitter and Instagram

La entrada BCV to inject between $1.2 billion and $1.8 billion into the exchange market through December apareció primero en Bitfinance.

Leonardo Buniak, economist and risk assessor, stated that the cryptocurrency market is an inalienable option to save, particularly in Venezuela, which is among the first countries with the most mining in the world. He said cryptoactives are the future.

Buniak participated in the conference “Venezuela 2022: Opportunities and threats in an unequal economic recovery”, where he stated that once the country recovers the investment will be very expensive, for which he urges all those interested in investing to do so in these moments.

According to the risk qualifier, the worst recommendation that can be made is “that they save in bolivars; whoever saves in bolivars loses these currencies and the dollars”. Therefore, cryptocurrencies are a very important option to value.

“Cryptocurrencies are an inalienable option, because the crypto asset is the future. That does not mean that I am going to save on things that are not cryptocurrencies, like the petro” he stated.

Venezuelan GDP

The economist also referred to the recovery of Venezuela’s Gross Domestic Product (GDP) in the coming years as a result of oil revenues. In his opinion, the income from the sale of crude oil will probably “multiply by three”, compared to 2020, as a consequence of the increase in prices of Venezuelan crude due to the war between Russia and Ukraine.

“We have lost almost 80 % of GDP. Today it is an economy of 14,000 million dollars, a dwarf economy that is going to start growing in 2022, in 2023, in 2024 and possibly in 2025,” he stressed.

On the other hand, the economist highlighted that it is estimated that Venezuela may be receiving between 19,000 and 20,000 million dollars as remittances in the next 3 or 4 years.

M. Rodríguez

Click the link to subscribe to our news and media group on Telegram: https://t.me/G_ELSUMARIO_Noticias

Source: bancaynegocios.com

La entrada Cryptocurrencies as a saving option apareció primero en Bitfinance.