The economist José Guerra indicated that the BCV maintains an insufficient offer of dollars, which affects the exchange rate. Only this year, he said, the bolivar has depreciated 68%
The economist and former director of the BCV José Guerra said that the Bolívar has suffered an “aggressive depreciation” of 370% in just one year, “caused” – he said – by the Central Bank of Venezuela (BCV) and the political crisis that the country is going through.
War, in A video Postaled on Instagram, he indicated that the BCV maintains an insufficient offer of dollars, which affects the exchange rate. Only this year, he said, the Bolívar has depreciated 68%.
For September 26, 2024, the Central Bank was quoted 36.85 bolivars per dollar. That rate It is located in 2025 A BS 173.77 per American currency.
“The Central Bank is not auctioning dollars but to limited amounts and for certain goods,” explained the economist, while indicating that, due to the sanctions that affect the oil activity, the Maduro administration has chosen to receive the payments that PDVSA perceives in cryptoactive, one of them the USDT.
Guerra indicated that this USDT is being assigned to the Bank of Venezuela, which calls some private auctions where “a floor.”
After the bid, from there “it is a price of the dollar that, after those auctions, is approaching 290 or 300 bolivars per dollar. That is, it has been the Central Bank itself that has induced this depreciation of the currency ».
Guerra said that he has been observing «a brutal and significant drop in the demand for money. The fact that it is being paid in Bolivars does not mean that the demand has increased in bolivars ».
*Also read: BCV dollar exceeds 170 bolivars and the euro breaks the barrier of Bs 200 this #25sep
The specialist also stressed that citizens do not want to have bolivars due to the high inflation originated in the devaluation, while merchants face the problem of the parallel dollar, which seriously affects them as well as the general public.
“The economy is seeing a collapse of the bolivar that is being expressed in a very pronounced acceleration of inflation, which is not hyperinflation, but is approaching 350% per year, a figure that puts us to the edge of a situation that we already lived in 2017 and 2018,” he said.
For the economist, the Bolívar has lost its main characteristics as currency, as it is no longer taking as an account unit for nominal prices, as prices are set in dollars, and it also does not count as a value reserve.
Guerra indicated that there is no economic solution strictly, since it is necessary to solve the political problem. He recalled that external financing is closed, the credit line in the world banking “does not exist”, as is 5,000 million dollars frozen in the International Monetary Fund that cannot be used by the restrictive policies of Nicolás Maduro.
“If the political problem is not resolved in a constitutional way, appealing to a political agreement, there will be no solution because the underlying problem is the lack of confidence derived from what happened on July 28, 2024 that is when the tendency of the devaluation of the currency begins to see depth,” he said.
*Journalism in Venezuela is exercised in a hostile environment for the press with dozens of legal instruments arranged for the punishment of the word, especially the laws “against hatred”, “against fascism” and “against blockade.” This content was written taking into consideration the threats and limits that, consequently, have been imposed on the dissemination of information from within the country.
Post views: 217
