New Study: Computers and Peripherals in Venezuela

From: Fast Market Research, Inc.
Published: Mon Jan 11 2016

In 2014, some players saw light at the end of the tunnel due to the possibility of access to foreign exchange to purchase goods as a result of changes at the beginning of 2014 with the creation of SICAD II (Complementary Currency Management System) and decriminalisation of the sale of US dollars in parallel with the reform of the Law of Foreign Exchange Crimes. Nevertheless, this system failed and in 2015 the Venezuelan government created a new system, SIMADI (Marginal Foreign Currency System), in order to achieve fluency in the sale of foreign exchange, with the system expected to support remittances, tourists, public and private companies and those wishing to settle in securities or cash securities. However, the system remained just words, and the expectations created by the launch of the mechanism to freely buy foreign currency deflated when stakeholders began to attend public and private banks, money exchanges and securities dealers to try to make transactions, and were not able to realise the promised transactions. The main problem that faced the operators of the system was the low supply of foreign currency to meet the growing demand for foreign exchange among individuals and entities. In addition the system was not free or independent as it did not allow the interaction between supply and demand to set pricing. Thus by mid-2015 currency shortages continued to affect the import of inputs and finished products for businesses in general and consumer electronics products, which resulted in more failures in supply and queues in stores to purchase products. Volume sales of computers and peripherals declined by 18% in 2015 as suppliers were unable to quickly replenish inventories. Demand exhausted inventories in a matter of weeks, as there was little confidence amongst consumers that products would be available later, with supply levels remaining weak.

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