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Alvaro Enrique Saldivia Lopez

Feb 1, 2024

Change Tables 2023: Private individuals and legal entities make significant contributions to the national exchange system.


This data is crucial as it implies the dismantling of the rentier-oil model that has dominated the country's exchange and monetary metabolism for almost 100 years. This suggests that if the private sector significantly supports the exchange system, the flight of foreign currency is inhibited, and the pressures leading to devaluation are reduced.

Another element of special significance is that the statements claiming the national executive is "burning" currency in the exchange system lose all meaning. In 2023, the BCV reached $4,789 million in exchange interventions (placement of foreign currency). This amount is not even close to all the currencies traded in the exchange system.

Although the executive carries out these interventions to stabilize the Exchange Rate, it also uses the sale of foreign currency to meet its commitments in Bolivars, avoiding the monetary issue or financing of the budget through the issuance of Bolivars.

Organic and Steady Growth 💹

The current exchange rate method is proving effective, as seen in the data. In December 2023, a month of significant financial operations, the increase in operations at Exchange Desks was 130% compared to December 2022, denoting fluidity in the metabolism of this system.

For the Venezuelan Government, the exchange system and the stability of the Exchange Rate are inherent to controlling inflation and driving growth.

The Executive's emphasis on monetary policy was evident in 2023, with continued restrictive policies and liquidity containment; first by stopping monetary issuance and then applying controls in other areas, such as credit. This urged public and private banks to focus their credit policies on productive areas instead of encouraging consumption.

Despite restrictions on the flow of liquidity, from December 2022 to December 2023, there was undeniable growth in credit amounts calculated in dollars, as seen below.

In 2023, credit amounts almost doubled, following the guidelines issued by the national government.

In the last 12 months, there was a 94% growth in the amounts delivered in loans, reaching $1,472 million.

Oil Growth, Strategy, and Taxes

Oil, the fundamental basis of the Venezuelan economy, also recorded favorable results in 2023. Activity grew by 12.99% in the last quarter of 2023, even with the industry's blockade. The increase in oil exports was 60.46%. However, considering that PDVSA's contributions to the national treasury remain modest, it is clear that the Executive faces a difficult situation for financing.

The economic policy promoted by President Maduro has focused its strategy on containing the flow of liquidity, as we stated, avoiding financing the budget through monetary issuance. But in an adverse context marked by persistent restrictions on crude oil exports, the State's financing base has also been transformed.

The Venezuelan President pointed out during his Report and Account for the year 2023 that the Venezuelan State has been progressively overcoming its rentier metabolism and has built conditions to form a new financing base through collection via taxes on economic activities.

In 2023, tax collection increased by 26%, reaching the equivalent dollar amount of $5,750 million, allowing better financing of the State.

Tributes 2023: Tax collection registered a great increase, according to the Presidential Report and Account. In 2020, the amount of income through tax collection was the equivalent of only $1.571 billion; by 2023, this figure almost quadrupled.


In summary, the general balance of the economic policy implemented by the Venezuelan government for 2023, in accordance with this data, indicates that:

  • GDP growth of 5% was achieved, the highest in the region, despite the adverse context.

  • There was a clear downward trend in inflation, leaving behind the hyperinflation recorded in previous years.

  • A lower level is seen in the upward variation of the Exchange Rate, contributing to stabilizing the price systems.

  • The BCV rate governs the vast majority of commercial operations in formal activity in the country, the basis for important exchange governance.

  • The Mesas exchange system was developed, breaking the rentier inertia through enormous contributions of private capital.

  • There is a sober restrictive monetary policy on liquidity that is helping to contain the asymmetries and the picture of monetary instability generated since the blockade.

  • Credit grew considerably and has been focused on fundamental productive activities.

  • The Venezuelan State continues to strengthen its financing policy through taxes, without incurring monetary issuance.

🇻🇪⚒️💪🏽❤️‍🔥🏭🌎🌍🌏⭐⚖️ ¡VENCEREMOS!

Nicolás Maduro 2024

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