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Pdvsa 2035 show up in Sicad
VENEZUELA · In Brief · 21 Aug 2013 · 2 responses

The BCV bond portfolio emerges as a source of funds for Sicad auctions. The BCV has called a $330 million bid which will be funded through the sale of Pdvsa 2035, without affecting its dwindling foreign reserves. The Sicad bond system differs from Sitme. In Sicad, importers will not acquire bonds...

Sicad 2 Disappoints
VENEZUELA · Report · 25 Jul 2013

Executive Summary Nicolás Maduro has had a busy month filled with activities at home and abroad designed to show him firmly in control of the presidency. Meanwhile, repression against opposition politicians continues. The PSUV seems to be trying to silence the opposition by harassment. Venezuela’...

Sicad Methodology
VENEZUELA · Report · 16 Jul 2013

On Monday, July 15 in the afternoon, Armando León, member of the board of BCV, announced the methodology to be used to award forex in the Sicad auction on Wednesday, July 16. BCV will define a range (i.e., floor and ceiling). Bids that fall outside the range will be disqualified. Forex will be so...

Midyear Brief
VENEZUELA · Report · 10 Jul 2013

Dialogue with the private sector is President Maduro’s most important public policy initiative so far, seeking to identify and resolve the most critical obstacles to local production. Hostility has given way to a rather relaxed exchange of views. The short list of urgent matters includes access t...

Sicad 2.0 on the Horizon
VENEZUELA · Report · 09 Jul 2013

The new Sicad system will begin operating in a matter of days. Key issues, such as theallocation mechanism, amounts to be auctioned, criteria defining qualified buyers, and of course, the exchange rate, are still undefined and in the hands of the Ministry of Finance and the central bank. Hopefull...

Recession with Inflation
VENEZUELA · Forecast · 01 Jul 2013

Executive Summary Our outlook for 2013–2014 is gloomy. Owing to years of costly and unsustainable government policies intensified during the long lead-up to last year’s presidential vote and prolonged by regional elections, Chávez’s death, and the snap election to replace him, the economy shrinks...

Stagflation
VENEZUELA · Report · 27 Jun 2013

Executive SummaryMunicipal elections have been set for 8 December 2013. Both the government and the opposition are framing the election as a referendum on Nicolás Maduro and his government. Elections will continue influencing government policy.Pdvsa president and Energy and Oil minister Rafael Ra...

Constitutional Chamber will hear all Electoral Impugnation Cases
VENEZUELA · In Brief · 21 Jun 2013

The Constitutional Chamber of the Supreme Tribunal of Justice (TSJ), headed by Gladys Ramirez, president of TSJ, announced its decision to hear all the cases related to the impugnation of the 14 April 2013 presidential election, until now in the hands of the Electoral Chamber.Henrique Capriles we...