In January 2024, the credit portfolio of Venezuelan banks experienced a slowdown in its growth. However, it maintained a significant upward trend, with expansions of 3.5 % compared to December and an impressive 215.5 % year-on-year, reaching a total of 54,651.69 million bolivars.
In terms of…
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Currencies
Strategies for saving in times of economic challenge
In the midst of a challenging economic context characterized by inflation, Venezuelan citizens seek smart strategies to preserve their purchasing power and guarantee financial stability. In this scenario, savings tactics and the adoption of…
Bancamiga in the Top 3 in Exchange Desk volume
At the end of the first semester, Bancamiga has positioned itself in the top 3 banks with the highest volume in the Venezuelan Banking System, through the Exchange Desk option.
The Executive President of Bancamiga, Ariel José Martínez,…
Russia submits bill for cryptocurrency payments
The Russian Ministry of Finance presented a bill called "On Digital News", which aims to regulate the use of cryptocurrencies as an alternative means of payment to the monetary unit of the Russian Federation.
The document addresses issues…
Venezuela could face problems in the sale of foreign currency
Asdrúbal Oliveros, economist and director of Ecoanalítica, stressed that the relationship between the governments of Russia and Venezuela could impact the sale of foreign currency in Venezuela to contain the exchange rate because the…
Hyperinflation boosts the use of cryptocurrencies in Venezuela
Venezuelan citizens currently use dollars, euros, Colombian pesos for their transactions. Cryptocurrencies also have an important use in the market to cancel products and services as a result of the loss of value and confidence of the…
Venezuelan NA sanctions foreign currency tax law
The National Assembly (AN) elected in 2020 sanctioned the reform of the Tax Law on Large Financial Transactions whose purpose is that operations carried out in foreign currency pay a tax at least equal to or higher than that paid today by…
Banxico will issue its digital currency in 2024
In 2021 the central banks of different countries discussed the possibility of creating digital currencies (CBDs, with its acronym in English) in the coming years. The Bank of Mexico (Banxico) reported that it will issue its digital…
Morgan Stanley launches cryptocurrency research team
Morgan Stanley created a new research division that aims to investigate the development of crypto assets and for this it appointed Sheena Shah as the main cryptocurrency analyst. Shah comes from playing a crucial role as Morgan Stanley's…
CBV increases commissions for different banking operations
The Central Bank of Venezuela (BCV) established between 3% and 4% the commission for withdrawing funds from foreign currency in cash, which will be paid in national currency at the exchange rate of the operation, while the sale of foreign…
Bancamiga Exchange Desk registers upturn thanks to the trust of its clients
The Exchange Desk is a legal way to acquire foreign currency in the national market, with total confidence and security for clients, without intermediaries or surcharges.
During the transmission of the Conecta2 program, María Esther…
Maduro will authorize Venezuelan banks to create foreign currency accounts
Venezuelan President Nicolás Maduro announced that his administration will authorize Venezuelan banks to create accounts for payment in foreign currency and reiterated that the country is heading "towards a 100% digital economy."
“We are…