{"id":1324,"date":"2003-08-09T01:45:39","date_gmt":"2003-08-09T01:45:39","guid":{"rendered":"http:\/\/www.tmsdesarrolladores.com\/pedropalma\/?p=1324"},"modified":"2016-07-09T13:28:27","modified_gmt":"2016-07-09T13:28:27","slug":"de-nuevo-las-utilidades-cambiarias","status":"publish","type":"post","link":"https:\/\/pedroapalma.com\/site\/de-nuevo-las-utilidades-cambiarias\/","title":{"rendered":"De nuevo, las utilidades cambiarias"},"content":{"rendered":"<p>Publicado en el diario \u201cEl Universal\u201d de Caracas. S\u00e1bado 9 de agosto de 2003<\/p>\n<p>&nbsp;<\/p>\n<p>En septiembre de 2002 escrib\u00ed en esta columna por qu\u00e9 creo que el uso de las utilidades cambiarias realizadas del banco central (BCV) para financiar gasto p\u00fablico es inconveniente, particularmente cuando esas utilidades se abultan artificialmente a trav\u00e9s de la aplicaci\u00f3n de mecanismos contables, tales como el FIFO (First In First Out), o sea, primero en entrar primero en salir. Seg\u00fan \u00e9ste, el d\u00f3lar que hoy vende BCV es el que compr\u00f3 tiempo atr\u00e1s a un precio menor, gener\u00e1ndole esto una utilidad.\u00a0 Si por el contrario, se usara el m\u00e9todo LIFO (\u00faltimo en entrar primero en salir), esta utilidad desaparecer\u00eda o se minimizar\u00eda, ya que el d\u00f3lar que hoy se vende es el que se compr\u00f3 m\u00e1s recientemente a un precio igual o muy similar al de venta; en este \u00faltimo caso s\u00f3lo se realizar\u00edan utilidades cambiarias si el banco central vende m\u00e1s d\u00f3lares que los que compra, vendiendo as\u00ed divisas que adquiri\u00f3 tiempo atr\u00e1s a un menor precio que el de venta. \u00a0Esto habr\u00eda sido particularmente cierto en el primer semestre de 2003, cuando el BCV compr\u00f3 m\u00e1s d\u00f3lares que los que vendi\u00f3, y su venta desde que se suspendieron las operaciones cambiarias en enero se hizo al tipo de cambio fijo de Bs\/$ 1600.<\/p>\n<p>Sin embargo, al analizar los \u00faltimos estados financieros de ese organismo, recientemente publicados, nos encontramos con unas utilidades realizadas por fluctuaciones cambiarias en los primeros seis meses de este a\u00f1o de Bs. 2,6 billones, gran parte de las cuales ser\u00e1n transferidas al Fisco Nacional para financiar gasto p\u00fablico deficitario.\u00a0 Pero, \u00bfde d\u00f3nde salen esos abultados resultados? Seg\u00fan la Superintendencia de Bancos, organismo adscrito al Ministerio de Finanzas que supervisa al BCV, las utilidades realizadas por este concepto estaban siendo subestimadas debido a la incorrecta aplicaci\u00f3n del m\u00e9todo FIFO, error que fue corregido precisamente en el primer semestre de 2003.<\/p>\n<p>Peligrosa pr\u00e1ctica en la que se est\u00e1 incurriendo al hacer que el BCV financie gasto p\u00fablico deficitario con dinero sin respaldo, como el creado a trav\u00e9s de utilidades cambiarias ficticias generadas por la aplicaci\u00f3n de subterfugios contables.\u00a0 No olvidemos que una de las causas principales de los virulentos procesos inflacionarios que en d\u00e9cadas pasadas sufrieron muchos pa\u00edses latinoamericanos, fue el financiamiento de d\u00e9ficit fiscales recurrentes y crecientes con dinero inorg\u00e1nico creado por sus bancos centrales.<\/p>\n<p>&nbsp;<\/p>\n<h6>Imagen: <span class=\"_r3\"><span class=\"irc_ho\" dir=\"ltr\">elimpulso.com<\/span><\/span><\/h6>\n","protected":false},"excerpt":{"rendered":"<p>Se advert\u00eda nuevamente lo inconveniente y peligroso de generar unas utilidades cambiarias ficticias por parte del BCV, para luego transfer\u00edrselas al Ejecutivo para financiar gasto <\/p>\n","protected":false},"author":3,"featured_media":1340,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14,20,17,19,21,11,22],"tags":[111,110,207,61,404,261,74,112,403],"class_list":["post-1324","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articulos-de-opinion","category-aspectos-cambiarios","category-economia-venezolana","category-fiscales-y-monetarios","category-inflacion","category-opinion","category-politica-economica","tag-aspectos-cambiarios","tag-aspectos-fiscales-y-monetarios","tag-bcv","tag-economia-venezolana","tag-financiamiento","tag-gasto-publico","tag-inflacion","tag-politica-economica","tag-utilidades-cambiarias-del-bcv"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>De nuevo, las utilidades cambiarias - Pedro A. 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