Venezuela could soon rejoin the SWIFT financial system

Venezuela is preparing to rejoin the international SWIFT payments system following the issuance of licenses 56 and 57 by the U.S. Treasury Department’s Office of Foreign Assets Control, according to economist Elio Córdova.

As is well known, the SWIFT system (Society for Worldwide Interbank Financial Telecommunication) “is a secure global messaging network that allows more than 11,000 banks in over 200 countries to exchange transfer orders, facilitating the secure and standardized movement of capital between countries.”

With this system, international transfers are made to reach their correct destination safely and quickly. According to Córdova, licenses 56 and 57, announced on April 14, “have a positive impact on Venezuela’s economic performance, especially due to the eventual re-entry into the SWIFT system, given that Venezuela is an active member of that entity and these resources will improve economic growth.”

Once the Central Bank of Venezuela can rejoin the international financial system, it will be able to access “external loans, financing, and aid, primarily from organizations such as the International Monetary Fund.” Furthermore, the country will have easier access to “replace parts and components from the rest of the world through imports, including raw materials, capital goods, and technology, so that economic agents can quickly acquire these necessary elements for production in Venezuela without intermediaries.”

M.Pino

Source: ultimasnoticias

(Reference image source: RU Recovery Ministries on Unsplash)

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