Conflicts in the Middle East have always influenced oil prices. The current crisis in the region is no exception, and the increase in the price of a barrel of crude oil has a positive impact on the Venezuelan economy.

Expert opinions indicate that conflicts in the Middle East generate an upward trend in oil prices, benefiting producing countries. In the case of Venezuela, the Merey blend could be one of the beneficiaries of the international crisis.

It is well known that armed conflicts usually lead to an increase in oil demand, which would positively impact national exports.

The market reaction to the conflict between Iran and Israel is expected to be the same as in other similar situations, with the price of a barrel of crude oil skyrocketing.

M.Pino

With information from national and international media and agencies

(Reference image source: Delfino Barboza on Unsplash)

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Recent data from Ecoanalítica show that more than 75 % of transactions in Venezuela are made in bolivars.

The partner director of the survey, Asdrúbal Oliveros, revealed these data in a graph that summarizes the payment ecosystem in the country.

The Colombian peso, which is used mostly in border states such as Táchira, is followed by transactions in euros, “which represented 3.1 % of the total, and, finally, cryptocurrencies and others, which made up 1.8 % of payments.”

Regarding payments in dollars, Oliveros indicated that since they have been carrying out this comparison (2021), it is the first time “that the level of transactions in foreign currency is the lowest.”

The 2024 study was carried out in “Caracas, Barquisimeto, Maracaibo, Valencia, Margarita, Puerto Ordaz, Lechería, Mérida, San Cristóbal and Maracay, where almost 70 % of the activities are concentrated.” Oliveros highlighted that there has been a drop of more than 40 percentage points in payments in dollars, partly due to the fact that citizens give preference to exchanging the currency in the market at the most convenient price.

M.Pino

Source: elcooperante

(Reference image source: Ali Mkumbwa on Unsplash)

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The Central Bank of Venezuela publishes the price of the official dollar for this Thursday, July 11, which closes at 36.53 bolivars and applies to all transactions in the territory.

The following update will be published by the BCV this Friday, July 12 at the end of the day at the exchange tables of the banks participating in the day’s session.

Atención🔵|| El tipo de cambio publicado por el BCV es el promedio ponderado de las operaciones de las mesas de cambio de las instituciones bancarias. Al cierre de la jornada del día Jueves 11-07-2024, los resultados son:#MercadoCambiario #BCV🇻🇪 pic.twitter.com/hurJLvfRUh

— Banco Central de Venezuela (@BCV_ORG_VE) July 11, 2024

M.Pino

Source: Central Bank of Venezuela

(Reference image: BCV, file)

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The President of Venezuela, Nicolás Maduro, will report to the National Assembly in his annual message to the nation, made on the last day allowed by the Constitution. Maduro, who took office in 2013, appeared before Parliament to outline the achievements and challenges of his administration during 2023.

In his speech, Maduro was expected to address the impact of international sanctions on the country’s economy, which began to recover in 2021 after eight years of recession. It was also anticipated that the president would make announcements about future plans, especially in connection with this year’s presidential elections, although he has not yet confirmed whether he will seek a third term.

At the same time, thousands of teachers demonstrated in several cities around the country, demanding a salary increase and rejecting the minimum wage set by the government, which is equivalent to about $3.6 a month.

In addition, Maduro reviewed his actions in 2023, including a unilateral referendum that approved the annexation of a disputed territory with Guyana, increasing regional tension.

Maduro’s intervention came a day before the Supreme Court ruled on the possible qualification of María Corina Machado, the presidential candidate of the main opposition coalition, to run in this year’s elections.

K. Tovar

Source: UniónRadio

(Source image reference: x, @NicolasMaduro)

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According to the most recent Economic Outlook report of the International Monetary Fund (IMF), Venezuela will show the second-highest economic growth in Latin America in 2022 and the best performance in the region in 2023.

For the multilateral organization, the Venezuelan economy will grow 6 % this year, only surpassed by Colombia in Latin America where the GDP would register an expansion of 7.3 % this year; however, the average expansion of 12.4 % in the Caribbean is the most impressive performance on the continent.

In relative terms, the Venezuelan economy will exceed the increases in the GDP of the United States, which will be only 1.6 %; Mexico (2.1 %); Brazil (2.8 %); Argentina (4 %) and Chile (2 %); however, it must be remembered that, in absolute terms, the Venezuelan economy remains one of the smallest in the region, after a prolonged 7-year recession with hyperinflation for more than 4 years.

However, Venezuela continues to be the country with the highest variation in inflation on the continent, with an increase of 210 % in 2022.

El FMI estima que la inflación en Venezuela seguirá siendo alta, pero ahora ubica su estimación en 220% para 2022, desde el 500% que calculaba en abril. Además, espera que siga bajando y proyecta 150% para 2023. https://t.co/dD2ZoLSGWH pic.twitter.com/RfOtUE9jOg

— Economía Hoy (@economiahoyve) October 12, 2022

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With information from El Sumario

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The Caracas Stock Exchange (BVC) reported, through its social networks, that the board of directors of the institution receives with “enthusiasm” the decision of the Bank of Venezuela (BDV) to increase the public offering of shares in the market of progressively from 5 % to 10 % of its share capital.

In the statement, the BVC indicated: “We hope to know the schedule that will be developed for the massive redistribution of shares announced by the bank.” In addition, they highlighted the importance for the economy of a country that companies open their capital and create sources of work.

The Bank of Venezuela announced through an official statement its willingness to start the public offer with the purpose of promoting and invigorating the Venezuelan economy, at the same time it becomes an opportunity for citizens and the different “private, national economic actors and international, interested in participating in the development of the country through instruments of economic democratization”.

Credit portfolio

The Bank of Venezuela’s management is focused on financing the different productive sectors of the country such as agribusiness, manufacturing, among others.

According to recently published figures, the financial institution has presented a growth of around 169% in public deposits in the last semester.

Likewise, its credit portfolio increased by 66 %, and 26 % of the market share that gives it first place in the financial sector. It also has approximately 15 million customers.

M. Rodríguez

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Source: bancaynegocios.com

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The Petro, the Venezuelan cryptocurrency devised by the president, Nicolás Maduro, to pay international suppliers in the face of the country’s shortage of currency, turned three years since its launch on Saturday, February 20. 

In 2018, Maduro defined the petro as “a sovereign crypto asset backed by oil assets”, whose objective would be to carry out transactions “safely and directly to avoid blockades and embargoes”, in addition to obtaining new resources for the country.

Likewise, the Caracas authorities claimed to have received purchase orders amounting to 596,000,000 euros. Currently, the exchange between the Petro and the Venezuelan bolivar reaches 96.6 million bolivars for each cryptocurrency.

The president went on to affirm that the token would serve “as a platform for the growth of a fairer and more favorable financial system for national development.”

On July 2020, the national president advocated turning cryptocurrency into the usual unit of exchange for transactions in the agri-food sector, in order to put it at the center of the “national effort for the production of people’s food, as a strategic element.”

Source: Elsumario

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