The guardianship releases the ghost of Cadivi: $500 weekly, $1000 monthly, and $12,000 annually.

The measure, which leaked from Banplus and Banco de Venezuela, among other banks, is set to be officially announced this Monday. Asdrúbal Oliveros, an economist, was the first to mention it on social media X. 'Far from contributing to exchange rate stability, it deepens controls, generates incentives for arbitrage, and limits the formal market's ability to absorb demand,' he warned. Alexander Meinhardt, an internationalist, describes the measure as Cadivi version 2.0: 'Chavismo is recycling its bad policies because its only goal is to cause maximum harm to the population,' he questions. For Guillermo Arcay Finlay, who holds a Master's in Public Administration from Harvard, instead of unifying the exchange market, it's redesigning the disaster.

This Monday, the Central Bank of Venezuela (BCV) would formalize a measure that worries economists and finance experts regarding the new state controls for the allocation of monthly and annual quotas for currency designation for individuals.

The mere mention of the term “quota,” in the context of currency allocation after the capture and extraction of Nicolás Maduro and the subsequent oversight of Donald Trump's government, resurrects the ghost of the Currency Administration Commission (CADIVI), a corruption scheme that granted billions of preferential dollars to shell companies that faked imports of goods and food that never arrived in the country.

Alexander Meinhardt, an internationalist, describes the measure as: “Cadivi version 2.0”.

The chavismo regime just recycles its bad policies because its only goal is to inflict the most damage on the population. The exchange control established by Chávez only guaranteed the enrichment of groups loyal to the power and the assimilation of elites into the system, he asserts vehemently.

Without official information, but brewing.

Internally, within Venezuelan banking, the information exists. “It’s a decision that was communicated to banks to implement starting Monday,” explained Asdrúbal Oliveros, an economist, on the social network X, where he described the measure as concerning.

The account @BancaVzla, which tracks the pulse of banking and daily transactions in Venezuela, detailed the new limits for currency purchases: $500 weekly, $1,000 monthly, and $12,000 annually. They later confirmed it based on information released by a banking institution.

Banplus confirms that, by order of the BCV, cumulative limits were set for currency purchases via Electronic Intervention (individuals) across the financial system: $1,000 monthly and $12,000 annually. Exceeding these amounts will trigger an automatic rejection,” it reported on its account this Sunday.

He also officially confirmed that Banco de Venezuela established the limits after receiving a circular. The quota would reset on the first days of each month. “So far, it’s unknown if this applies to legal entities or the rest of the banking sector.”

Social media is flooded with users having doubts. One of the most repeated questions is: Did those who start buying under these new rules lose $6,000 of annual quota? There are no official answers.

Imminent widening of the exchange rate gap.

Regarding the potential measure, Oliveros stated that the BCV's decision to set monthly and annual quotas for currency allocation for individuals, instead of contributing to exchange rate stability, deepens controls, creates incentives for arbitrage, and limits the formal market's capacity to absorb demand.

The predictable outcome is increased pressure on the parallel market and a widening of the exchange rate gap, distancing the possibility of reducing the inflation rate,” it states.

For the business consultant, the way forward is to advance in the opposite direction: expand the supply of currency, relax allocation mechanisms, and recognize the existence of all segments of the exchange market, including alternative ones. “Without greater depth, transparency, and capacity for intervention across the entire market, it will be difficult to sustainably reduce the exchange rate gap,” he insists.

Regarding what Oliveros proposed, Guillermo Arcay Finlay, an economist with a master's degree in Public Administration from Harvard, argues that after 6 months of oversight, the BCV still shows no intentions of unifying/normalizing the exchange market.

“On the contrary, they continue tweaking the exchange control with modifications like this one that Asdrúbal mentions. They redesign the disaster instead of sorting it out,” emphasizes Arcay Finlay.

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