{"id":1598,"date":"2003-07-12T02:40:55","date_gmt":"2003-07-12T02:40:55","guid":{"rendered":"http:\/\/www.tmsdesarrolladores.com\/pedropalma\/?p=1598"},"modified":"2016-07-10T14:54:57","modified_gmt":"2016-07-10T14:54:57","slug":"fisco-y-control-cambiario","status":"publish","type":"post","link":"https:\/\/pedroapalma.com\/site\/fisco-y-control-cambiario\/","title":{"rendered":"Fisco y control cambiario"},"content":{"rendered":"<p>Publicado en el diario \u201cEl Universal\u201d de Caracas. S\u00e1bado 12 de julio de 2003<\/p>\n<p>&nbsp;<\/p>\n<p>La pr\u00e1ctica paralizaci\u00f3n de operaciones cambiarias del Banco Central de Venezuela (BCV) con el sector privado desde fines de enero pasado se ha traducido en una notable acumulaci\u00f3n de reservas internacionales, y en un abrupto aumento de la oferta monetaria. Esto tendr\u00e1 unas implicaciones importantes en la gesti\u00f3n fiscal, entre otras cosas, porque el excedente de liquidez ha reducido considerablemente las tasas de inter\u00e9s, alivi\u00e1ndose as\u00ed la carga por el servicio de la cuantiosa deuda p\u00fablica interna.<\/p>\n<p>Sin embargo, aquel anquilosamiento de operaciones en moneda extranjera ha reducido notablemente las utilidades cambiarias del instituto emisor durante el primer semestre de este a\u00f1o, y puede continuar haci\u00e9ndolo de no flexibilizarse la venta de divisas en los meses por venir. Dado que son precisamente esas utilidades cambiarias las que generan las ganancias del BCV, y que \u00e9ste est\u00e1 obligado a entregar a la Tesorer\u00eda Nacional el grueso de sus utilidades netas dentro de los seis meses siguientes al cierre de cada ejercicio semestral, es obvio que lo que percibir\u00e1 el Fisco Nacional por este concepto en el futuro ser\u00e1 mucho menos de lo que ha obtenido por los resultados de 2002.<\/p>\n<p>La situaci\u00f3n se agrava por las recientes medidas de absorci\u00f3n monetaria que se han venido implementando con la finalidad de restringir el exceso de liquidez que se cre\u00f3 a ra\u00edz del control cambiario, y que alcanz\u00f3 proporciones alarmantes a fines de mayo pasado, cuando las reservas bancarias excedentes superaron los Bs 1,5 billones, cifra que en condiciones normales se ubica en torno a los Bs 300 millardos.\u00a0 Eso hizo que el BCV eliminara las restricciones que limitaban las colocaciones de la banca en esa instituci\u00f3n, ofreciendo certificados de dep\u00f3sitos que hoy pagan 18% o 19%, duplicando en tan s\u00f3lo dos meses el monto de sus instrumentos de cr\u00e9dito.\u00a0 Esto, obviamente, le implica gastos mucho mayores.<\/p>\n<p>Si bien la reciente eliminaci\u00f3n de la remuneraci\u00f3n de parte del encaje bancario implicar\u00e1 un respiro para el BCV, el efecto combinado de menores utilidades cambiarias con mayores costos por absorci\u00f3n monetaria implicar\u00e1 mermas importantes en sus utilidades netas y, en consecuencia, menores ingresos para Fisco. Como se ve, no s\u00f3lo es el sector privado el que se ha visto afectado por los controles recientes, sino tambi\u00e9n el sector p\u00fablico, aunque en mucha menor medida.<\/p>\n<p>&nbsp;<\/p>\n<h6>Imagen: <span class=\"_r3\"><span class=\"irc_ho\" dir=\"ltr\">runrun.es<\/span><\/span><\/h6>\n","protected":false},"excerpt":{"rendered":"<p>La pr\u00e1ctica paralizaci\u00f3n de operaciones cambiarias del BCV en los meses siguientes a la imposici\u00f3n del control cambiario en febrero de 2003 se tradujo en una notable acumulaci\u00f3n de reservas internacionales y en un abrupto aumento de la oferta monetaria, alert\u00e1ndose que ello podr\u00eda tener importantes implicaciones sobre la gesti\u00f3n fiscal de ese a\u00f1o<\/p>\n","protected":false},"author":3,"featured_media":1610,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14,20,17,19,11,22],"tags":[111,110,207,35,61,502,504,503,112,193],"class_list":["post-1598","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-opinion","category-politica-economica","tag-aspectos-cambiarios","tag-aspectos-fiscales-y-monetarios","tag-bcv","tag-control-cambiario","tag-economia-venezolana","tag-fisco","tag-gestion-fiscal-2003","tag-oferta-monetaria","tag-politica-economica","tag-reservas-internacionales"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Fisco y control cambiario - Pedro A. 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