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Viewing cable 08CARACAS1758, CADIVI AUTHORIZATIONS SHARPLY DOWN

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Reference ID Created Released Classification Origin
08CARACAS1758 2008-12-22 18:37 2011-08-24 01:00 UNCLASSIFIED Embassy Caracas 
VZCZCXRO2700
PP RUEHAO RUEHCD RUEHGA RUEHGD RUEHGR RUEHHA RUEHHO RUEHMC RUEHMT
RUEHNG RUEHNL RUEHQU RUEHRD RUEHRG RUEHRS RUEHTM RUEHVC
DE RUEHCV #1758 3571837
ZNR UUUUU ZZH
P 221837Z DEC 08
FM AMEMBASSY CARACAS
TO RUEHC/SECSTATE WASHDC PRIORITY 2338
INFO RUEHWH/WESTERN HEMISPHERIC AFFAIRS DIPL POSTS
RHEHNSC/NSC WASHDC
RUMIAAA/HQ USSOUTHCOM MIAMI FL
RUCPDOC/DEPT OF COMMERCE
RUEATRS/DEPT OF TREASURY
 
UNCLAS CARACAS 001758 
 
SIPDIS 
 
HQ SOUTHCOM ALSO FOR POLAD 
TREASURY FOR RJARPE 
NSC FOR JSHRIER 
COMMERCE FOR 4431/MAC/WH/JLAO 
 
E.O. 12958: N/A 
TAGS: ECON VE
SUBJECT: CADIVI AUTHORIZATIONS SHARPLY DOWN 
 
1.  According to statistics published December 22, the 
Government of the Bolivarian Republic of Venezuela's (GBRV) 
foreign exchange authority, known by its Spanish acronym 
CADIVI, sharply reduced its foreign currency authorizations 
over the first three weeks of December.  While in past years 
December authorizations spiked sharply, this year, through 
December 18, CADIVI's average daily authorizations for 
December were down almost 40 percent compared to the 2008 
year-to-date average (USD 115 million vs. USD 187 million per 
working day). 
 
2.  Comment:  This sharp drop suggests the GBRV and the 
Central Bank of Venezuela, which sets CADIVI's monthly 
allocation, have comprehended the severity of the external 
(foreign currency) shock hitting Venezuela as a result of 
declining oil prices and are beginning to take action.  It is 
possible CADIVI authorizations will pick up in the second 
half of December, thus bringing the monthly average in line 
with the yearly average.  We doubt this for two reasons, 
however.  First, daily authorizations for November dropped 
somewhat at the end of November.  Second, Minister of Finance 
Ali Rodriguez indicated December 19 there would be cuts to 
CADIVI's allotment of dollars to Venezuelans traveling 
abroad, suggesting the GBRV is moving to contain CADIVI 
authorizations across the board.  We will discuss the 
economic implications of this move septel.  End comment. 
CAULFIELD