During a meeting between the Central Bank of Venezuela and representatives of public and private banks, key issues for the country’s economy were discussed, including monitoring monetary liquidity, inflation, and exchange rate control.

This high-level meeting also included the participation of the Sectoral Vice Presidency for the Economy, the Superintendency of Banking Sectors (Sudeban), and the Vice Ministry of Digital Economy, Banking, Insurance, and Securities.

Local media reported that this meeting “comes days after the Central Bank of Venezuela (BCV) reported that June inflation reached 13.8 %, reversing the downward trend of May (6.3 %) and raising the accumulated inflation rate for 2016 to 129.8 %.”

Improving the efficiency of the foreign exchange desks was also a topic discussed at the meeting, amidst a BCV strategy to move towards the nation’s economic normalization, with the aim of reducing exchange rate distortions and contributing to price stability.

M.Pino

Source: alnavio

(Reference image source: file)

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According to the consulting firm Ecoanalítica, as payments with cash dollars grow in Venezuela, the use of the payment channels provided by the banking infrastructure also falls.

When evaluating the number of operations of each of the banking payment channels, it is observed that the points of sale continue to be the most used in the country with a total of 3,172 million transactions in 2020. However, this volume fell 23 % compared to the previous year.

According to a report from the aforementioned organization, 67 % of payments for goods and services in March were with cash currencies, which reveals a growth compared to the measurement of February 2020 when it closed at 64 %.

One of the most significant data of the study is that in the capitals of three states, 90 % of the purchases of inputs were carried out in foreign currency.

According to estimates, more than $ 2.1 billion in cash circulates in the country. This figure is higher than the monetary liquidity which, according to CBV figures, ended in the week of March 19 at 945.2 trillion bolivars, that is 523.9 million dollars.

Source: doblellave

La entrada Ecoanalítica: banking operations were reduced apareció primero en Bitfinance.