Oliveros ensures that new currency bills just give time to the government
The incorporation of the new pieces to the Venezuelan monetary cone will not help to fight the problem of inflation, according to the director of Ecoanalítica
Last week the Central Bank of Venezuela (BCV) announced the incorporation of three new pieces to the national monetary cone, which in the opinion of the director of Ecoanalítica Asdrúbal Oliveros, will not help to solve the economic crisis of the country.
The notes of 10,000, 20,000 and 50,000 bolivars are considered for Oliveros as a measure of “damage control”.
“Although the Maduro regime applies a highly costly adjustment for the economy to contain it, it is far from being resolved”, the economist said through his official Twitter account.
This government action is also a way to create savings in terms of the cost of manufacturing the bills. However this also means a heavy blow to minor transactions due to the effect of “round up” that can be created.
“In order to optimize the cash, the BCV should stop issuing the low denomination notes and focus on 200 and 500 bolivars and also the new three notes, which gives a way out to the cash problem for a few more months (probably until the end of the year) and it is obvious that before removing zeros to the currency, the BCV will try to continue placing new notes”, he said.
K. Tovar
Source: Dinero
