Search

 

Cablegate: Cadivi Authorizations Sharply Down

VZCZCXRO2700
PP RUEHAO RUEHCD RUEHGA RUEHGD RUEHGR RUEHHA RUEHHO RUEHMC RUEHMT
RUEHNG RUEHNL RUEHQU RUEHRD RUEHRG RUEHRS RUEHTM RUEHVC
DE RUEHCV #1758 3571837
ZNR UUUUU ZZH
P 221837Z DEC 08
FM AMEMBASSY CARACAS
TO RUEHC/SECSTATE WASHDC PRIORITY 2338
INFO RUEHWH/WESTERN HEMISPHERIC AFFAIRS DIPL POSTS
RHEHNSC/NSC WASHDC
RUMIAAA/HQ USSOUTHCOM MIAMI FL
RUCPDOC/DEPT OF COMMERCE
RUEATRS/DEPT OF TREASURY

UNCLAS CARACAS 001758

SIPDIS

HQ SOUTHCOM ALSO FOR POLAD
TREASURY FOR RJARPE
NSC FOR JSHRIER
COMMERCE FOR 4431/MAC/WH/JLAO

E.O. 12958: N/A
TAGS: ECON VE
SUBJECT: CADIVI AUTHORIZATIONS SHARPLY DOWN

1. According to statistics published December 22, the
Government of the Bolivarian Republic of Venezuela's (GBRV)
foreign exchange authority, known by its Spanish acronym
CADIVI, sharply reduced its foreign currency authorizations
over the first three weeks of December. While in past years
December authorizations spiked sharply, this year, through
December 18, CADIVI's average daily authorizations for
December were down almost 40 percent compared to the 2008
year-to-date average (USD 115 million vs. USD 187 million per
working day).

2. Comment: This sharp drop suggests the GBRV and the
Central Bank of Venezuela, which sets CADIVI's monthly
allocation, have comprehended the severity of the external
(foreign currency) shock hitting Venezuela as a result of
declining oil prices and are beginning to take action. It is
possible CADIVI authorizations will pick up in the second
half of December, thus bringing the monthly average in line
with the yearly average. We doubt this for two reasons,
however. First, daily authorizations for November dropped
somewhat at the end of November. Second, Minister of Finance
Ali Rodriguez indicated December 19 there would be cuts to
CADIVI's allotment of dollars to Venezuelans traveling
abroad, suggesting the GBRV is moving to contain CADIVI
authorizations across the board. We will discuss the
economic implications of this move septel. End comment.
CAULFIELD

© Scoop Media

 
 
 
 
 
World Headlines

 

Werewolf: Gordon Campbell On North Korea, Neo-Nazism, And Milo

With a bit of luck the planet won’t be devastated by nuclear war in the next few days. US President Donald Trump will have begun to fixate on some other way to gratify his self-esteem – maybe by invading Venezuela or starting a war with Iran. More>>

Victory Declared: New Stabilisation Funding From NZ As Mosul Is Retaken

New Zealand has congratulated the Iraqi government on the successful liberation of Mosul from ISIS after a long and hard-fought campaign. More>>

Gordon Campbell: On The Current US Moves Against North Korea

If Martians visited early last week, they’d probably be scratching their heads as to why North Korea was being treated as a potential trigger for global conflict... More>>

ALSO:

Gordon Campbell: On The Lessons From Corbyn’s Campaign

Leaving partisan politics aside – and ignoring Jeremy Corbyn’s sensational election campaign for a moment – it has to be said that Britain is now really up shit creek... More>>

ALSO:

Another US Court: Fourth Circuit Rules Muslim Ban Discriminatory

ACLU: Step by step, point by point, the court laid out what has been clear from the start: The president promised to ban Muslims from the United States, and his executive orders are an attempt to do just that. More>>

ALSO:

 
 
 
 
 
 
  • Pacific.Scoop
  • Cafe Pacific
  • PMC