Gold commercialization allows the BCV to finance the state treasury

A 60% of the gold production must offer to the BCV (File)

The Central bank of Venezuela fit the scheme of gold commercialization and on that change the state treasury could count on another source of income.

In the norms published by the emitting being this week settles down that 70% of the gold production must destine to the internal market and 30% to the export. And of 70% that will be placed 60% internamente is due to offer to the Central bank and 10% to the national transforming sector.

Since great part of the production will be in the hands of the emitting institute, economists consider that the gold sale that can carry out the BCV will generate gains, and in agreement with the law of the emitting being if utilities are registered, 85% are due to destine the state treasury, therefore the gold commercialization would be a new source of financing.

The ex- director of the BCV Domingo Zavala Mace explains that if the emitting being assumes the control on gold, can buy and soon to sell, which will allow him to obtain a benefit and more before the price to which the gold is quoting, that is of almost 1,000 dollars the ounce.

The institute from the year 2000 has given to the state treasury exchange gains him and soon in 2005 with the reform of the Law of the BCV the obligatory nature settled down to give to the reserves surpluses to him to the Fonden.

Nevertheless, before the flow of oil income a greater growth of the international reserves is not contemplated, which could affect the contributions to the Bottom of Development for the next exercise.

The economist Asdrúbal Oliveros aims that the gains that can be generated with the gold sale would be another source of resources and the national Executive would not have to apply more adjustments after the carried out ones in March.

By the fall of the oil contribution the Government trimmed the cost and increase the indebtedness levels.

The ex- manager of economic investigations of the BCV Jose War expresses that additionally the accumulation of gold reserves allows to expand the monetary base and to generate circulating.

In November of the past year, the minister of Basic Industries, Rodolfo Sanz, indicated that this year the capacity of production of gold of 4.2 to 8.2 tons to the year would be increased and in that frame aimed that necessary to try to reclaim gold to increase the reserves international.

The Central bank to compensate the losses of January realised gold sales, nevertheless, the crossing of the assets to the Fonden has had incidence in the financial statements of the institution and the March closing the BCV continued registering negative balances.

marmas@eluniversal.com