BCV repealed special lace decree
The board of the Central Bank of Venezuela withdrew the measure that directly affected the surplus banking reserves of the Venezuelan institutions
Since January 22, the application of the special reserve on surplus bank reserves was repealed by the board of the Central Bank of Venezuela (BCV).
The sworn in president of Venezuela, Nicolás Maduro had informed last week about the application of a new legal reserve of 60% for the country’s banking.
“The board of the Central Bank of Venezuela (BCV), during ordinary session held on Tuesday, January 9, established the increase in the legal reserve to 60%, which should be constituted by banking institutions on the obligations subject to reserve as of December 14. January 2019“, the BCV press release indicated at the time.
This increase was part of the work carried out between the Central Bank and the National Executive that enters into the Recovery, Growth and Economic Prosperity Program promoted by the Bolivarian Government.
K. Tovar
Source: Analitica
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