Credits are authorized on 30% of funds in foreign currency

The Superintendence of Institutions of the Banking Sector (Sudeban) authorized the banks to grant loans in national currency on 30% of the portfolio of freely convertible deposits.

Through circular No. 00335, dated January 18, the Sudeban made the measure official.

The mechanism determines that “banking institutions may grant credits in national currency to their clients with resources from fundraising in foreign currency, up to a maximum of resources equivalent to thirty percent (30%) of said funding, in such In this sense, the currencies corresponding to the aforementioned percentage must be offered in the exchange market system for subsequent settlement under the different types of credits provided for in the law and complementary regulations”.

In this sense, the amounts in foreign currency that are destined for intermediation will not be delivered to the applicants for financing, but will serve to increase the offer in the exchange market.

Credits must be settled exclusively in national currency.

Sudeban, as announced by President Nicolás Maduro in his memory speech and account before the National Assembly, increased the proportion of resources subject to intermediation of free convertibility accounts from 10% to 30%.

The circular indicates that the banking institutions that intend to carry out the aforementioned active operations must send the contract models to the Superintendency in accordance with the provisions of article 5 of the aforementioned Resolution No. 22-03-01, for its corresponding approval. .

In this way, a double purpose is fulfilled; Bank credit increases and the availability of foreign currency increases at the exchange tables.

Tony Boza: the measure is positive and correct

To the measure announced on Wednesday by the Superintendency of Banking Sector Institutions (Sudeban), where banks are authorized to make loans from 30% of the deposits in dollars they receive, the deputy to the National Assembly for the PSUV and economist, Tony Boza, stated that it has been a positive action.

“It has been a very positive measure. The expansion that Sudeban has just carried out is highly positive because we maintained a high legal reserve, which is 73%, and that is a credit restriction, and the entire economy known to date works based on credit”, explained the deputy Boza in a telephone contact with Últimas Noticias.

The also economist argued that no country has grown economically if it is not based on credit, and the stock markets are precisely so that not only banks, but also other actors, can participate in a credit system.

It is a positive and correct decision of the national government, said Tony Boza about this measure.

“That today the Sudeban has expanded that possibility through a formula that is supported in the portfolio of dollars deposited in commercial banks seems to me a very positive fact, because it is a way of expanding that margin of credit possibility and alleviating a little the negative weight of that high legal reserve, which is 73%,” he said.

Salary conditions.

For his part, the deputy of the National Assembly, Jesús Faría, expressed that the measures in the economic field that the national government has adopted have made it possible to face the blockade that the nation is suffering.

“The blockade suffered by the people is the cause of social problems, material problems, and despite that the progress of our people and the nation has been very significant.” In this sense, he said that the “salary issue does not depend on a law, if there were no blockade here we would be receiving 40 billion dollars, to have good salaries,” added the president of the Economic Commission of the AN.

With information from Latest News

Credits are authorized on 30% of funds in foreign currency – Yvke Mundial | Hand in hand with the people