With “urgency” the National Assembly sanctioned east Thursday the reform of law of the Central bank of Venezuela, that modifies around 40 articles and incorporates new sections.

Maria Ramirez Hair
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The president of the Commission of Finances, Blood-red Ricardo, denied that the BCV loses their autonomy

With the modification, one adds like attribution the directory of the BCV “to exert the supervision and monitoring of the different systems from payments of the country, is operated or not by the Central bank of Venezuela, as well as to dictate the operation rules”, establishes the reform of article 21.

The greater supervision of the system implies that the organisms with competitions in the matter of supervision of the organizations of the financial system will have to send to the Central bank of Venezuela the inspection reports that realise to the subject organizations to their control.

Also, the “exclusive and excluding faculty” occurs him to the BCV to determine the rates principles and minims that the banks and other financial institutions, deprived or public, can receive and pay by the different active types of operations and passive that realises.

In addition, with the purpose of to contribute to that the estimation of to be placed resources corresponds with the real needs of each productive sector in the obligatory portfolios of the bank, “the directory of the Central bank of Venezuela will have to express binding opinion on the proposals of establishment of directed portfolios of credit”, according to the modification of article 51.

Autonomy of the being
In agreement with the note of press of the National Assembly, one of debated articles more was the article 2, that indicates: “the BCV is independent for the formulation and the exercise of the policies of their competition and exerts their functions in coordination with general the economic policy, to reach the objectives superiors of the State and the nation. In the exercise of their function, the BCV is not subordinated to directives of the Executive authority, nevertheless, will contribute with this one in the accomplishment of the aims superiors of the State and the nation”.

On this point, it indicates the note of the Parliament, “the deputies Juan Jose Oil mill and Medina Shepherd insisted that in the last aside the autonomy to the Central bank takes off to him, contemplated in article 318 of the Constitution, which was refuted by the president of the Commission of Finances, Blood-red Ricardo deputy, who stood out that the desire of the opposition factors is to continue with the old entreguista scheme of the International Monetary Fund, as well as the model of embezzlement of currencies”.

“We must be used to us approving the laws that the revolution requires. They want a Central bank, that defends the interests of the majority but of the minority economic groups, but in the bolivariana revolution that are not going it to obtain”, expressed.

On the designation of the president of the BCV on the part of the Chief of State by a period of 7 years, he indicates the official notice of an, that the block of We can considered that it is another point that reduces autonomy to him to the Bank, every time in the effective legislation it is the National Assembly the one that it chooses - of a short list presented/displayed by the President of to the maximum representing Republic of emitting being.

New instruments
According to the exhibition of reasons, to preserve the liquidity of the financial system two new instruments of policy are gotten up: The possibility of granting to loans using like collateral the portfolio of credits in order to be able to provide liquidity to the financial institutions; and the possibility of acquiring credit assets of the financial institutions, in the terms and conditions that the directory of the Institute to the effect establishes.

“The importance of taking part opportunely as moneylender of last instance is in the confidence in the power of action of the central banking”, indicates the exhibition of reasons for the reform of Law