Venezuela implements minimum interest rates on bank deposits
Central bank says move will encourage people to hold more money in local currency
Venezuela’s central bank has announced that new minimum interest rates paid by lenders to depositors will come into effect from today (September 15).
In a statement on September 14, the Central Bank of Venezuela (BCV) said the measure “aims to strengthen the effectiveness of monetary policy and gradually encourage individuals and legal entities to hold a greater proportion of their balances in bolivars, rather than seeking refuge in other options”.
The move will ensure all Venezuelan bank deposits
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: www.centralbanking.com/subscriptions
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@centralbanking.com
More on Currency
MNB governor signals cautious optimism over euro adoption
Hungary has to overcome ‘pessimism’ if it wants to join currency union, says Varga
Bolivia sells $35m to stabilise local currency
FX market volatility not in line with ‘economic fundamentals’, central bank says
Zimbabwe tallies progress towards de-dollarisation
Sustained single-digit inflation and greater demand for local currency are still needed, central bank says
Russia’s cashflow problem
Citizens increasingly rely on hard currency as military spending places strain on banking system and economy
Dollar’s decline has been overstated, says NY Fed study
Fall in greenback’s share of FX reserves driven by concentrated drop among small number of states
Shoring up the rupee: a sticking-plaster solution?
Trying to fight movement of India’s currency against fundamentals is futile, says former RBI governor
ECB flags risks to cash despite rise in acceptance
Central banks should take active role in preserving cash, spokesperson says
Argentina renews $19 billion swap line with China
New agreement between BCRA and PBoC extended from three to five years