RBA’s Kent Says Rate Cuts, Currency Drop Are Providing Stimulus

(Bloomberg) — Australia’s back-to-back interest-rate cuts are flowing through the financial system and into the economy, while the falling currency should provide a similar stimulus to sustained declines of previous years, a senior Reserve Bank official said.

“The transmission of monetary policy in Australia to financial conditions is working in the usual way,” Christopher Kent, assistant governor for financial markets, said in Sydney Tuesday. “In particular, the change in the stance of policy has underpinned the decline in risk-free rates along the yield curve. It has also contributed to a decline in the cost of funding in corporate bond markets, supported equity prices, and lowered the cost of funding for banks.”

Kent also said in his speech to the Finance & Treasury Association that much of the reduction in banks’ funding costs has been passed through to business and household borrowers. The cash rate currently stands at 1%, with traders pricing in another quarter-point cut this year and a further one in 2020.

Kent noted that a spike in commodity prices over the past year had impacted the currency less than in the past, due to expectations that the supply-driven gains were likely to be short-lived. He estimated that, in trade-weighted terms, the dollar was down about 7% over the past year; it was trading at 67.57 U.S. cents at 10:52 a.m. in Sydney, near the lowest level since 2009.

Some Support

“Notwithstanding an easier stance of monetary policy globally, the decline in interest rates in Australia has contributed to the depreciation of the Australian dollar,” he said. “That broad-based easing in financial conditions in Australia will provide some additional support to demand in the period ahead.”

Asked after the address whether the currency would deliver the same impetus to the economy as on previous occasions, given changes in the industrial base, Kent was categorical in his response: “Absolutely.”

“Education and tourism benefit just as much through a depreciation in terms of their competitiveness as any other industries which are no longer so prominent,” he said. “So yes I think it’s going to have about the same sort of effect in terms of the stimulus.”

Kent was also asked whether the central bank’s focus was still inflation or perhaps unemployment or even under-employment now. He reiterated the bank’s line that there was more spare capacity in the economy than had been anticipated, as strong hiring had been met by a “substantial increase” in the participation rate.

“We’re certainly not unemployment rate targeters, we still are inflation targeters,” he said. “But it’s a dual mandate, we care about inflation, we care about full employment. We care about the general welfare of the populace.”

(Updates with Q&A currency comments from first paragraph.)

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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China’s Yuan Fix Is Unmissable These Days for Currency Traders

(Bloomberg) — China’s central bank is under pressure to issue its weakest currency fixing in more than a decade, a move that risks spurring more losses in the yuan.

The People’s Bank of China set its daily currency reference rate only marginally stronger than 7 a dollar on Wednesday. That leaves it little headroom if it wants to track the spot rate, which fell 0.3% to 7.0463. While the yuan breached the key 7 level this week for the first time since May 2008, the fixing hasn’t.

At stake is the risk that markets will see Thursday’s reference rate as a signal on policy, as a string of fixings on the weaker side of 7 could exacerbate concerns around further yuan depreciation and capital flight. The central bank has already taken some steps this week to limit declines after the yuan sank the most in four years, including reassuring foreign companies that the currency won’t weaken significantly.

“Policy makers’ priority now is to limit the risks of capital outflows,” said Xing Zhaopeng, a markets economist at ANZ Bank China Co. He expects the PBOC will keep the rate stronger than 7 to maintain stability.

The fixing is published every trading day at 9:15 a.m., after a group of 14 lenders submit their rates. The yuan is then allowed to move 2% in either direction. The rates are calculated with formulas that take into account factors such as the previous day’s official close at 4:30 p.m, the yuan’s move against a basket of currencies and the moves in other major exchange rates.

The mechanism has been used to manage volatility after China removed the yuan’s peg to the greenback in 2005. Until at least 2015, traders weren’t able to offer prices that diverged from the fix by more than the allowed range. The last time the yuan tested the band was in February 2015, when it closed 1.99% weaker than the reference rate. The trading system was upgraded after the shock devaluation in August that year.

The yuan’s slump this week means the currency is once again taking the spotlight in China’s trade dispute with the U.S., stoking criticism Beijing is depreciating its currency to soften the impact of U.S. tariffs. Donald Trump’s administration labeled China a currency manipulator, a formal designation which may prompt counteractive measures. The PBOC rejected the accusation.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Switzerland July foreign currency reserves CHF 767.9 billion vs CHF 759.1 billion prior

Latest data released by the SNB – 7 August 2019

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Slight delay in the release by the source. A decent increase in foreign reserves but nothing out of the ordinary from recent levels thus far. Let’s see how the data progresses in the next couple of months before drawing any firm conclusions of potential SNB intervention.

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Trump adviser says currency intervention off the table; Trump less clear

By Makini Brice and Steve Holland

WASHINGTON (Reuters) – The Trump administration has “ruled out” intervening in markets to lower the U.S. dollar’s value, even though President Donald Trump is concerned other countries are weakening their currencies to gain a trade advantage, a top White House adviser said on Friday.

“Just in the past week, we had a meeting with the president and the economic principals and we had ruled out any currency intervention,” White House economic adviser Larry Kudlow told CNBC.

White House adviser Peter Navarro, a trade hard-liner, presented Trump on Tuesday with ideas on how to devalue the dollar as a way to pressure China in an ongoing trade fight, according to a source familiar with the matter, confirming a Politico report, which said the president quickly dismissed the proposals.

Asked why he had decided not to act on them, Trump told reporters at the White House, “I didn’t say I’m not going to do something.”

Trump has publicly complained about the strength of the dollar, saying it hurts American competitiveness, but Kudlow disputed an assertion that the president wanted a weaker greenback. Rather, he said, other currencies should be stronger.

“I don’t agree with your assertion that the president wants a weak dollar,” Kudlow said. “What the president is concerned about is that foreign countries may be manipulating their own currencies lower to try to gain some short-term, temporary trade advantage.”

Kudlow told reporters later on Friday that the president wanted a steady dollar.

Trump, in his remarks to reporters, suggested he welcomed the dollar’s strength in so far as it is an emblem of a strong economy, even though it curbs U.S. exports.

“The dollar is very strong. The country is very strong,” he said. “It’s a beautiful thing in one way but it makes it hard to compete.”

“We have a very powerful dollar … It’s really become, more than ever before, the currency of choice,” Trump added, citing weakness in the euro. He also said China’s yuan was “very low.”

In a tweet on Monday, Trump complained that it was “very unfair that other countries manipulate their currencies.” He has blamed the U.S. Federal Reserve’s interest rate policy for much of the dollar’s strength and has been jawboning the central bank to cut rates at its two-day meeting next week.

“The Federal Reserve raised the rates too fast and too soon,” Trump lamented on Friday.

The central bank had been raising rates through the end of last year, and the substantial gap between U.S. borrowing costs and those in other developed economies has been seen as a contributor to the dollar’s strength. But, in response partly to what it sees as headwinds from Trump’s trade policies, the Fed is now expected to cut rates for the first time in more than a decade.

In the last 12 months, the ICE (NYSE:) () has gained about 3.5%, largely due to gains against the euro (). On Friday, the index touched the highest in two months and was less than 0.5% from its strongest levels in more than two years.

Against China’s yuan , it has risen by about 1.4% over the last 12 months, much of that coming in May after Trump raised tariff rates on billions of dollars of Chinese imports.

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Trump Has a Favorite Currency, and It’s Not Bitcoin

© Reuters.  Trump Has a Favorite Currency, and It’s Not Bitcoin © Reuters. Trump Has a Favorite Currency, and It’s Not Bitcoin

(Bloomberg Opinion) — When Donald Trump’s former adviser, Steve Bannon, praised last year as “disruptive populism” and revealed he was working on his own cryptocurrency, it was evidence of something many people had long suspected: The forces driving the growth of anarchic, get-rich-quick digital tokens are very similar to those buoying Trump and his imitators. Both are born out of a resentment of establishment politics and a hatred of central authorities such as the Federal Reserve.

This week, though, the U.S. president turned his back on alt-right cryptonomics with a series of tweets that made clear he has time for only one currency: The dollar.

Trump made three unusually thoughtful and concise points. One: Bitcoin and other cryptocurrencies are great for criminals and speculators, and bad for everyone else. Two: Facebook Inc (NASDAQ:).’s proposed digital token – Libra – is going to put Mark Zuckerberg’s social network under tough scrutiny by financial regulators. Three: The reigns supreme.

It will hurt Bitcoin supporters to hear it, but it looks like Trump is listening to the establishment and bringing the hammer down on potential threats to the dollar’s status as the world’s reserve currency, and with it the ability to enforce U.S. policy worldwide.

Despite repeatedly bashing Fed Chairman Jay Powell over interest rates – “way too high,” Trump groused in June – the president’s tweets echo the central banker’s views on crypto. Bitcoin is a “speculative store of value” that has failed to catch on, Powell said on Capitol Hill this week. He warned that Libra, in particular, raised serious concerns about financial stability and regulation.

Trump’s preoccupation with Facebook’s digital token is probably not whether Zuckerberg’s project conducts adequate know-your-customer and anti-money-laundering checks. For the president, it’s more likely to be a question of whether the cryptocurrency will serve American interests or undermine them. Libra’s ambition is to be a cross-border medium of exchange, effectively operating outside the banking system and catering to at least two billion users across Facebook, Instagram and WhatsApp.

Democratic Representative Maxine Waters – no friend of the president’s – frets that Libra could be a parallel system that rivals the greenback one day. It sounds more like Facebook First than Trump’s vision of “America First.”

To be fair, we already know that Libra will include currencies like the dollar in the basket of assets that backs it. We also know that the project plans to respect international sanctions, such as those re-imposed by the U.S. against Iran over its nuclear ambitions.

But Trump is laying out his stall early: If Libra is ever to hit the market with his administration’s blessing, it will have to be, as much as is possible, an extension of the U.S. dollar. If it starts to look like a vehicle to escape, or blunt, U.S. policies like sanctions or trade tariffs, the full force of those financial regulations will be felt. Remember that the one cryptocurrency actually banned by Trump is the Venezuelan petro.

The irony of all this is that the biggest probable threat to the dollar’s reserve status is Trump himself. Ray Dalio, the billionaire hedge fund founder, said last year that the dollar’s privileged position as the world’s currency was more obviously being threatened by the parlous state of the country’s finances than by digital tokens. America is “borrowing too much,” he said.

In the long run, this president may not be the dollar’s best friend.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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China says that it won’t engage in competitive currency devaluation

China responding to more finger-pointing by Trump overnight

In case you missed the headline overnight, Trump mentioned that “China and Europe are playing a big currency manipulation game” and urged that the US should do the same to match. This isn’t anything new and has been an ongoing ordeal since about forever now.
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Forex – U.S. Dollar Falls as Trump Ramps up Currency War Talk

Investing.com – The U.S. dollar turned down Wednesday after President Donald Trump launched another broadside against the euro zone and China, accusing of them of engaging in competitive devaluations to “take advantage” of the U.S.

His comments are the clearest hint yet that the administration considers itself in a ‘currency war’ with major trading partners, something that analysts fear could deal further blows to global business confidence and trade.

“These people are devaluing their currency because they’re not doing well against us,” Trump told Fox Business News in an interview. “So they devalue and we can’t. We are no longer on a level playing field.”

Trump had earlier again voiced frustration with Federal Reserve Chairman Jerome Powell for not cutting interest rates, less than a day after Powell said in a speech that the Fed still wanted to see how badly the economy is slowed down by the ongoing trade war with China. Powell’s comments had helped lift the dollar from a three-month low, which it hit last week after the central bank opened up the door for rate cuts this year.

The , which measures the greenback’s strength against a basket of six major currencies, rose 0.1% to 95.713 by 10:39 AM ET (14:39 GMT).

Trump told Fox that Powell was doing “a bad job” in not cutting rates, and compared him unfavorably to European Central Bank President Mario Draghi, who said last week that the Eurozone economy would need further stimulus if inflation failed to pick up.

“We should have Draghi instead of our Fed person, you know,” Trump said.

The which measures the greenback against a background of currencies, fell around a quarter of a percent after the interview, after having risen overnight on the back of Powell’s comments. By 1 PM ET (1600 GMT), it was at 95.583, down 0.1% on the day.

The dollar had risen earlier in the day after Treasury Secretary Steve Mnuchin said a U.S.-China trade deal is “90% complete.” Separately, Trump told Fox that he is “very happy” with the current trade situation with China.

Trump and Chinese President Xi Jinping are due to meet Saturday on the sidelines of the G20 summit and traders are hoping the two will avoid escalating trade tensions.

Official U.S. comments contrasted with some voices out of China. Hu Xijin, editor-in-chief of the Global Times, an English-language mouthpiece for Beijing, tweeted that “No Chinese official now speaks with such optimism. With dozens of hours left before Xi-Trump summit, Chinese state media has been keeping criticizing the U.S. harshly, a situation that never happened in the previous China-U.S, summits.”

Elsewhere, the euro was up 0.2%, with up at $ 1.1383, while was flat at $ 1.2693 and fell 0.4% to 1.3110.

Earlier, there had been little reaction to the day’s big data release. for May fell by 1.3%, well below expectations, although the news was leavened by the fact that orders, which strips out the volatile transportation sector, rose 0.3%.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Trump threats drive historic Brazil, Mexico currency divergence

Trump threats drive historic Brazil, Mexico currency divergence Trump threats drive historic Brazil, Mexico currency divergence

By Jamie McGeever

BRASILIA (Reuters) – The fate of Latin America’s two main currencies have contrasted so much lately that traders and analysts are questioning whether Brazil’s real can keep rallying while the Mexican peso slides.

The two emerging market currencies usually move in tandem with each other, but foreign trade spats, domestic politics and economic data have driven them apart lately.

Many in the market are betting they will snap back in line, but some suggest an underlying shift in investor views.

U.S. President Donald Trump’s threat on May 30 to slap tariffs on Mexico may have tipped the balance for money managers to reduce the Mexican exposure in their Latin America funds, according to Standard Chartered (LON:) senior strategist Ilya Gofshteyn.

“While we expect some short-term recovery in Mexican risk assets, we believe that this episode has injected a more permanent risk premium into holding Mexican assets,” he told clients in a note.

“We believe investors may rotate out of the Mexican peso and into the Brazilian real as a result.”

The peso has been hit hard by a credit-rating downgrade in addition to U.S. trade tensions, while the real has rebounded from an eight-month low on hopes that Brazil’s government can pass an ambitious pension reform bill through Congress.

The peso fell as much as 5% in the last few weeks – it has since regained most of that ground since Trump said last Friday a deal had been struck with Mexico, although he has since revived the threat if Mexico cannot meet his demands – while Brazil’s real strengthened some 6% in the last three weeks.

The following charts show the extent to which traders have been laying opposite bets on the two currencies.

The first two show the simple 30-day correlation between the dollar/peso and dollar/real exchange rates, one overlayed with Brazil’s exchange rate and the other with Mexico’s. The correlation, almost always positive, has turned negative.

(GRAPHIC: Brazil-Mexico FX correlation – https://tmsnrt.rs/2XMIC4n)

(GRAPHIC: Brazil-Mexico FX Correlation – https://tmsnrt.rs/2IfYbfV)

Since their respective crises and devaluations in the mid- to late 1990s, the peso and real have almost always been positively correlated, rising or falling together.

The average correlation was +0.5 over the last five years, +0.52 over the last decade and +0.48 over the last 20 years.

A correlation of 1.0 is the strongest possible positive correlation, and -1.0 the strongest negative correlation. There have only been seven negative correlations in the past 20 years before the current one. All have lasted just days or weeks.

Four have marked the start of, or a reversal of, major trends for the real, sometimes lasting years. For example, after December 1999 the real embarked on a super-charged rally that took it above 4.00 per dollar in October 2002, while December 2015 marked the end of a similar surge lasting over four years.

Only one period of negative correlation between the two currencies has resulted in a similar move in the peso. That was in January 2017, when dollar/peso snapped back 20% over the following six months from its record high above 22.00.

Futures markets highlight the degree to which traders’ views on the two currencies have diverged.

The chart below shows the difference between hedge fund and speculators’ net peso and real positions on the U.S. futures markets. The Commodity Futures Trading Commission data reflect the speculative trading community’s bias in any given asset.

(GRAPHIC: Brazil-Mexico FX – CFTC futures – https://tmsnrt.rs/2IflZQN)

Last month, traders were more bullish on the Mexican peso relative to the Brazilian real than at any time since CFTC futures contracts in the Brazilian real were launched in 2011. The gap between net long peso positions and net short real positions reached 174,00 contracts, CFTC data show.

That has since eased off by around 20,000 contracts, but it is too early to say if this is a turning point or not.

There are two schools of thought as to what happens next.

In the first, Brazil’s pension reform process hits another hurdle as the economy tips into recession, killing the recent upturn in positive sentiment. Investors would then broadly avoid emerging markets as the U.S. economic slowdown takes hold, sending the real into the same doldrums as the Mexican peso.

In the second scenario, U.S.-Mexico relations sour and Trump makes good on his threat to slap hefty tariffs on imports from Mexico. At the same time, pension reform in Brazil passes, boosting growth and investor demand for Brazilian assets.

In that scenario, the divergence would continue, pushing the correlation between the two currencies even deeper into negative territory and the divergence in futures markets to new highs.

“If Brazil delivers, we will have a huge technical move with investors unwinding long dollar/Brazil positions,” said one senior trader in Sao Paulo.

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U.S. Will Refrain From Labeling Vietnam a Currency Manipulator

© Reuters.  U.S. Will Refrain From Labeling Vietnam a Currency Manipulator © Reuters. U.S. Will Refrain From Labeling Vietnam a Currency Manipulator

(Bloomberg) — The U.S. is refraining from labeling Vietnam a currency manipulator based on new data the country provided the Treasury Department, according to a person familiar with the matter.

The determination is a win for Vietnam, which had been at risk of the designation amid plans by President Donald Trump’s administration to lower the threshold for labeling its trading partners manipulators.

In recent weeks, Vietnam provided additional data aimed at showing the U.S. Treasury it wasn’t holding down the value of the dong. Vietnam also sent a top envoy to meet with Secretary Steven Mnuchin on Thursday. It’s unclear what data the Vietnamese gave to the U.S.

Following the meeting, Mnuchin tweeted a photo of himself alongside Vietnamese Deputy Prime Minister Pham Binh Minh, saying they talked about “economic and trade relations.”

Treasury issues a report twice annually on foreign currencies. In the latest report, the number of countries under scrutiny for possible manipulation will rise to about 20 from 12, after Treasury altered one of the three criteria it uses to test for manipulation.

Previously, one of Treasury’s triggers to examine for currency manipulation was a current account surplus — the difference between the amount a country exports and imports — of 3% of gross domestic product. For the current report, they lowered the threshold to 2%.

The report was officially due to Congress in April. Mnuchin initially expected to meet that deadline and submitted the completed report to the White House for sign-off in early April. But the report has since been delayed and a date for its release hasn’t been announced.

A Treasury spokesmen did not reply to a request for comment.

Currency policy has emerged as Trump’s latest tool to escalate a push to rewrite global trading rules that he says have hurt American businesses and consumers. He has made foreign-exchange policy a key piece of trade deals with Mexico, Canada and South Korea, and it’s expected to be part of an agreement with China, should one be reached.

The administration on Thursday ramped up its focus on foreign exchange, proposing tariffs on goods from countries found to have undervalued currencies. The move would let U.S.-based companies seek anti-subsidy tariffs on products from countries found by the U.S. Treasury Department to be engaging in competitive devaluation of their currencies. Currently no country in the world meets that criteria.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Venezuela loosens currency exchange controls to allow forex trading

© Reuters. FILE PHOTO: A woman change dollars for bolivars at a money exchange in Caracas © Reuters. FILE PHOTO: A woman change dollars for bolivars at a money exchange in Caracas

CARACAS (Reuters) – Venezuela will allow local banks to open foreign currency trading platforms as part of a loosening of the OPEC nation’s exchange controls, according to a central bank resolution published on Tuesday.

President Nicolas Maduro, facing a hyperinflationary economic collapse and a relentless weakening in the bolivar currency, has repeatedly promised to overhaul the system. But numerous plans have floundered because the central bank did not supply enough currency to meet market demand.

Economists routinely identify the struggling country’s exchange control system as a hindrance to possible recovery from the economic meltdown. But financial industry experts warned Tuesday’s move does not eliminate the 16-year-old system of currency controls.

The resolution says financial institutions will be authorized to carry out “purchase and sale of foreign currency by individuals and businesses.” The central bank did not specify when the so-called “exchange tables” would begin to operate.

The measure will reduce the central bank’s involvement in private sector exchange operations. But the resolution notes that the central bank will retain the right to intervene in the market and will be the entity that publishes the official exchange rate, after receiving information from each bank.

Central bank data shows the monetary authority has sold just $ 32 million through its Dicom foreign exchange system so far this year. Maduro’s government has provided less and less foreign exchange to be auctioned through the Dicom system since oil prices collapsed in 2014.

The central bank stopped offering any foreign currency for sale through Dicom in the last week, after the United States slapped sanctions on the bank as part of its bid to pressure Maduro to step down.

A slew of U.S. sanctions on Venezuela since 2017 have made it ever-harder for local banks to move funds abroad, since foreign banks are hesitant to provide intermediary services.

Recently, the central bank began using piles of cash rather than electronic transfers to sell foreign exchange to local banks, a sign of how the nation’s economy has become increasingly primitive.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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