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RE: SEC-S15W5: "Foreign Exchange"

in Steem For Bangladesh8 months ago

Wow, that's interesting. Oil export has played a huge role in transforming the economy of your country, it does the same for my country. It shifted from being primarily agricultural to one focused on mineral extraction, another very relatable case to my country.

The national budget has seen exponential growth because of it. It's fascinating that the public administration owns all the oil fields and is responsible for their commercialization through the state company PDVSA. I must say we have a lot of similarities.

Remittances from abroad have also become important, especially due to the ongoing economic crisis. Many people have emigrated to find better opportunities and send money back to their families in Venezuela. This has injected foreign currency into the country. The export of precious metals, like gold, is another significant contributor. Private companies must be authorized and certified by the state to engage in mining and sell their production to the relevant state agency. It's great to see how different sectors contribute to your country's foreign exchange reserves.

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Your comment has been successfully curated by, @kouba01 at 5%.

Son muchas las semejanzas entre nuestros países, al parecer los procesos económicos y sociales se encaminan siempre a través de las mismas etapas, así como la corrupción y los tantos desmanes de las autoridades que dirigen una nación. Esperemos que las remesas sigan entrando a través de múltiples opciones para que nuestra tierra se enrumbe por el camino del progreso. Muchas gracias por sus excelentes comentarios, amigo. Saludos...

 8 months ago 

Absolutely, my friend. It's fascinating how countries often experience similar economic and social patterns. Unfortunately, corruption and excessive authority can hinder progress. Let's stay hopeful that remittances keep flowing through various channels, paving the way for progress in our lands. Thank you for your kind words.

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