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Economist and director of Ecoanalítico Asdrúbal Oliveros revealed on Sunday, June 23, that so far this year, the Venezuelan Central Bank has cleared $1.84 billion, an increase of 13% compared to the same period in 2023.
The increase in currency sales doesn’t stop there. Oliveros noted that in May alone, foreign exchange sales were up 47% from April and 68% from May of last year. These figures reflect an upward trend that could have serious implications for the country’s economy. The need for more dollars to meet demand is becoming more urgent, a challenge the government faces in an already complex economic environment.
“It is becoming increasingly costly for the government to maintain its exchange rate policy. With interest rates being overvalued, you need more and more dollars to curb demand,” Oliveros said via his account. X.
Oliveros insisted that the issue must be addressed before it is too late. “There is an urgent need to resolve this issue before it is too late,” he wrote.
It is becoming increasingly costly for the government to maintain its exchange rate policy. With interest rates overvalued, you need more and more dollars to suppress demand. It is imperative to act before it is too late. https://t.co/RziZOayfqY
— Asdrúbal R. Oliveros (@aroliveros) June 23, 2024
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