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United States,Venezuela : VENEZUELAN foreign currency demands exceeds beyond 2010.

The purpose of the sale for foreign currency at the forex rate of VEB 6.30 per dollar, each week the Venezuelan government calls on bidders to participate in a the US dollar auction sale held through the Ancillary Foreign Currency Administration System (Sicad).

Based on official figures, demand is at US $3.9 billion in 8 out of 16 auctions, but US $1.4 billion (36%) were sold.

The National Center for Foreign Trade (Cencoex) ?the body convening auction sales, has stressed that companies fail to meet all the requirements to take part in the auctions, or those suspended or failing to pay taxes are dismissed.

The firms affiliated to the Venezuelan Chamber for Distribution of Spare Parts and Heavy and Agriculture Equipment (Cavedrepa) have not been sold for more than a year. In the 13th auction held through Sicad, only 2 out of 14 firms were distributed US dollars

Foreign currency has been cut significantly. National Statistics Institute (INE) imports stood at US $9.2 billion in the 1Q, 23% down from a record low from 2010.

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Publication:Mena Report
Date:Jul 12, 2014
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