Just how merry a lot of Venezuelans will be this Christmas depends to some degree on how many dollars the government decides to make available.
But with currency controls in place since 2003, it is becoming increasingly clear that the government is not terribly inclined to dish out too many dollars just now – only on Thursday the central bank president was forced to declare on national television that one of the official mechanisms for obtaining dollars was not in fact “paralysed”. Continue reading »
India has tallied $12.5bn in foreign inflows so far this year, according to the Securities and Exchanges Board of India – more, at this point in the year, than any year but one of the last ten. That’s a rare bright spot.
But it raises a couple of important questions, addressed in recent analyst notes: when the economic picture is so bleak, why is that money pouring in? And who is doing the pouring?
The answer may just be that oldest of Indian pastimes: black money. Continue reading »