Domingo Felipe Maza Zavala, former head of the BCV had the following to say (quotes taken from Noticias 2001 and El Carabobeño):
"Only a few measures are needed to revive the economy."
"In this last quarter of the year, imports have to rise for seasonal reasons, because demand rises and there is no foreign exchange for this, or it is at a price such as that provided by the parallel market, which is discharged into the economy through inflation."
"The foreign exchange market is as distorted as the government, or government-owned companies such as PDVSA, which has to go to the parallel market to obtain more bolivars for their dollars.
"You have to recognize the co-existence of a parallel market that has plays a major role in the economy."
"It seems inevitable that the government must commit to an significant increase of its debt, in bolivars as well as in dollars, if it wants to avoid a devaluation of the bolivar and enter the new year with some maneuvering room to avoid further economic decline."
"The government knows what the consequences of a devaluation would be."
"I do not understand how the government will use the special rights allocation that the IMF has afforded the central bank. There are about $20 billion in reserves and if $10 billion is spent, that would bring us close to a level that could be considered a crisis."
"If you use the reserves will be required for a year that will be more difficult than the next one and you use of all of the resources the government has, you will not be able to depend solely on oil, which is unstable."
"One official rate for the bolivar, controlled with a fixed exchange rate, and one market rate that is not controlled and monitored, that could be financed through the Caracas Stock Exchange and the Central Bank of Venezuela could contribute to the buying and selling of foreign exchange to stabilize the exchange rate."
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