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Venezuela cancels the currency auction for not being able to liquidate the amounts awarded

The Auction Committee of the Venezuelan currency system that grants US dollars at a controlled exchange rate and is known as Dicom, canceled the auction on August 31 due to the impossibility of liquidating the people who were awarded, local media reported today.

Caracas, Nov 22 (EFE) .- The Auction Committee of the Venezuelan currency system that grants US dollars at a controlled exchange rate and is known as Dicom, canceled the auction on August 31 due to the impossibility of liquidating the people who were awarded, local media reported today.

"This Currency Auction Committee reports that it has decided cancel the auction N ° CS-SO-015-17 with regard to the awards made in favor of natural and legal persons; Maldonado, president of this committee through a statement.

The Venezuelan state has a monopoly on the sale of foreign currency, which is granted to companies and individuals at a fixed rate. outside the free market. many experts, the Government has sacrificed allocations of foreign currency to the private sector to allocate the money to pay the external debt, a capital commitment for the State to follow Financing.

President Nicolás Maduro ordered earlier this month the creation of a commission to deal with bondholders about possible restructuring or refinancing of the external debt that allows it to continue honoring its financial commitments.

The ruling chavismo blames the interruption in the allocation of foreign currency to the "illegal blockade" economic situation imposed by the United States Government on Venezuela, which according to the Executive hinders and prevents "the performance of the correspondents used by the national financial system public and private, for the transfer of foreign exchange. "

This, according to the committee of the Dicom," generates among other consequences the impossibility of liquidating in favor of natural persons and legalities that were adjudicated "in the aforementioned auction, despite the" efforts "that have been made.

Venezuela is governed by a strict exchange control for more than one year. decade, in which the state has a monopoly on currency management through a cumbersome administrative system.

In addition, the Caribbean country reached indexes last month of hyperinflation (inflation of more than 50%), which are added to the severe shortage suffered by some foods, medicines and basic products.

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