The Ancillary Foreign Currency Administration System has allocated so far this year only 10.8% of the amount of foreign currency oriented to imports
MAYELA ARMAS H. | EL UNIVERSAL
Tuesday March 18, 2014 10:00 AM
For one year, the Venezuelan Government has been adjusting its foreign exchange policy, but the slow reform has adversely affected staple supply.
On Sunday, the president of the Central Bank of Venezuela (BCV), Nelson Merentes, admitted that the country has been facing shortage in certain goods and warned that situation should not exceed three additional months. Moreover, the official stressed the need for both an effective and quick import and an improvement in production and distribution.
Based on the BCV's figures, shortage has remained above 20% since August, hitting a record high of 28% in January.
The jump in the shortage index is somewhat attributed to restrictions in the sale of foreign currency.
For instance, the Ancillary Foreign Currency Administration System has allocated this year only 10.8% of the amount of foreign currency oriented to imports (USD 6.4 billion). In 2013, Sicad's supply accounted for just 70% of that of 2012.
