BCV announces the application of a legal reserve
The Board of the financial institution of the State published the new measures that will have an impact on the exchange system of Venezuela
This Tuesday the Board of the Central Bank of Venezuela (BCV) announced new measures that would directly affect the country’s exchange system.
It is about the application of a new legal reserve of two levels; an ordinary 57% and a marginal one that would equal 100%.
These measures are aimed at stabilizing the foreign exchange and monetary market, as well as seeking to stop hyperinflation. On January 28th, the official exchange rate was placed in the 3,299 bolívares soberanos after the Dicom auction.
The “exchange intervention”, which will be carried out in conjunction with the Economic Policy of the National Executive, in the context of the Economic Recovery, Growth and Prosperity Program, entered into force on January 29th.
In this way the BCV may inject or withdraw the necessary national currency to the banking entities to maintain a level of monetary aggregates consistent with the defined exchange rate target and on a weekly basis.
K. Tovar
Source: BCV
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