Venezuela has an excess of monetary liquidity

Caracas, May 18. ABN.- The Bolivarian Republic of Venezuela has at this right moment an excess monetary liquidity, having more than 14 billion bolivares ($5.4 billion), said on Tuesday the President of the Venezuelan Central Bank (BCV, Spanish abbreviation) Nelson Merentes.

In a press conference held at the Simon Bolivar Hall of the Miraflores Presidential Palace, the President of the BCV categorically denied the version of an economic crisis in Venezuela.

“Venezuelan monetary liquidity in bolivares is enough. At this right moment we are above 14 billion bolivares ($5.4 billion); that is to say, technically and politically, it has no sense to talk about a financial crisis, but an excess of (monetary) liquidity,” Merentes stressed.

Likewise, Merentes commented that regarding currency exchange matters, the granting of foreign currency aimed at imports during the first four months of 2010, compared to 2009, has increased at least 10 percent.

He detailed that, in total, the Government has granted about 8.9 billion dollars for imports.

Regarding the way the BCV will take part in the process of buying and selling foreign currencies, Merentes underscored that the financial entity will intervene based on the offer and supply through a very transparent process.

“The BCV is going to set a platform, without any kind of technical difficulty, so as to in certain moment, based on offer and supply, could result in an intervention and negotiate with securities in accordance with the Law Against Illicit Exchange Transactions,” he said.


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