Monetary Politics

It is considered that the goal was fulfilled when to the accumulated variation of the inflation, measured for the index of prices, relative to the period of January the December of each year calendar, to place itself in the band of its respective interval of tolerance. case it is not fulfilled, the President of the Central banking will public divulge the reasons of the descumprimento, by means of open letter to the Secretary of the Treasury, that will have to contain: the detailed description of the causes of the descumprimento; the steps to assure the return of the inflation to the established limits and the stated period in which if it waits that the steps retake the performance waited. Thus the Central banking is responsible for divulging, to each trimester, a Report of Inflation approaching the performance of the system, the results of the last decisions of monetary politics and the prospectiva evaluation of the inflation. In this Report the Central banking makes forecasts on the future inflation, considering the tax of interests fixed in the last meeting of the Committee of Monetary Politics (Copom). In relation to the meetings of the Copom, them eight times to the year are carried through, to each 45 days. in accordance with the established one in art. 6 of the attached Regulation to Circulating n 3,297, of 31 of October of 2005, follows below calendar of the usual meetings of the Committee of Monetary Politics for the year of 2011: Table 2: Calendar of the meetings of the Copom for 2011 DATES: 18 and 19 of janeiro1 and 2 of March 19 and 20 of abril7 and 8 of June 19 and 20 of julho30 and 31 of August 18 and 19 of outubro29 and 30 of November Source: Central banking the index of to be adopted price was chosen by the CMN, determined through the Resolution n 2,615 that it will be the Index of Prices to Consumidor Amplo (IPCA), calculated for the Institute of Geography and Estatstica (IBGE). .

Said Fernando Branger

All this grows more when emphasizes it how latan.msn.comel Chavez to recently declare decreed Monday through chain measures announced in recent months that seek to reduce energy consumption and encouraging savings. Said Fernando Branger expert in the subject, that is a reality that has decreased the energy that produces the Guri dam and on the other hand is not enough the power of thermoelectric power plants. These two factors combined lead us to the situation today day. If it is possible to fix it in the short term? It is difficult, the dam of Guri, in the South, with its waters at critical levels due to the drought, it is responsible for 70% of the energy consumed in Venezuela. The rest of the generation is based on thermoelectric power plants. The Government has recently stated that this year will enter new 4,000 MW of energy capacity to transmission networks. The experience of recent years, when it has not complied with what was promised in this area, makes questionable that ad, Branger said. It is final the energy crisis is very significant for the aspirations of Chavez in their projects who must this attentive to the decision from 1 January that began to implement the plan of rationing of power in Venezuela.

The measure, as they reported international news agencies, has caused significant restrictions on night life for Venezuelans, due to the time impositions in cinemas, bars and restaurants, with the aim of reducing the power consumption of the sectors commercial, residential and industrial by 20%. Supply restrictions also affect shopping malls, which are required to operate until 21: 00 hours, whereupon you shall do so with own generators. Of course another decisive representative sector in the economic life of the country is the business seriously affected in its operation. .