Foreign Currency Bond Trading System fails to meet daily transaction target

[naaman fletcher]

VHeadline News Editor Patrick J. O'Donoghue reports: According to El Mundo: Economia y Negocios newspaper, the Foreign Currency Bond Trading System (SITME) is still below its stated objective of $40 million worth of transactions per day.

SITME was set up nine months ago to correct the speculative parallel market and provide importers with easy access to foreign currency through the purchase of bonds in bolivares changeable to foreign currency.

The Central Bank of Venezuela (BCV) has just released figures showing a total $6.4 billion passing through SITME from June 9, 2010 to February 28, 2011.

Breaking down the figure, it comes out at $34, 30 million a day.

http://www.vheadline.com/readnews.asp?id=101458