In our opinion:

In our opinion an illiquid market set up by the Venezuelan Central bank will contribute to the further deterioration of an economy which is already showing signs of sporadic shortages of many items. While we thought today was the day for further clarification on the platform to be implemented by the Venezuelan Central Bank, what we really found in today's press conference is that the Government does not seem to know how this new platform will be implemented and more importantly whether it will be an effective policy tool. We firmly believe that its effectiveness will depend on the amount of supply of Dollars the Chavez Administration is willing to inject to the market.