Английская Википедия:Central Bank of Venezuela

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Central Bank of Venezuela Building

The Central Bank of Venezuela (Шаблон:Lang-es, BCV) is the central bank of Venezuela. It maintains a fixed exchange rate for the Venezuelan bolívar and since 1996 is the governing agent of the Venezuelan Clearing House System (including an automated clearing house).

History

Foundation and currency management

Since its inception in the late 1930s, the BCV was given a clear mandate to control the monetary policy of the nation, centralizing the operations of a handful of private banks that used to mint the Venezuelan currency, the bolívar. For almost 50 years the BCV managed to sustain a remarkable strong currency, with inflation rates hovering on the 2-3% mark during that period.

1980s oil glut

Шаблон:See also However, since the oil glut of the 1980s and the first serious devaluation of the currency in 1983 (known in Venezuela as Viernes Negro, or Black Friday) the bolívar has been plagued with chronic instability, mistrust and declining value that has been fed by the continued rise in inflation, topping an estimate for 2018 of one million per cent. Most of the foreign reserves are held as gold bars in Germany (almost 64%).

Until 2015 the Supplementary System for the Administration of Foreign Currency (SICAD) operated as an alternative foreign exchange system for businesses and individuals. Given its ineffectiveness and the continued rise of the parallel (black market) exchange rate the system was discontinued in favor of the "Complementary Currency System", known for its Spanish acronym DICOM.

2017 - Hyperinflation

Since December 2017 Venezuela the CPI has presented a behavior that fits most of the definitions for hyperinflation, the first in the country's history. The bank, subject to a strong control by the executive branch of the Venezuelan government, has ceased the publication of metrics such as the CPI and gross domestic product variation, creating a vacuum that has left investors and the public in a general state of disarray.

2019 - Sanctions

In April 2019, the U.S. Treasury Department sanctioned the Central Bank of Venezuela "to prevent it from being used as a tool of the illegitimate Maduro regime".

Mandate

By law, the Central Bank of Venezuela is autonomous to formulate and exercise policies in its field of competence and it performs its duties and functions in coordination with the general economic policy. The Constitution grants the central bank autonomy to outline and implement the policies. However, as of 2016, reforms deemed unconstitutional by some effectively nullified the BCV's independent status.

The export, import or trade of Venezuelan or foreign currency are subject to the regulations established by the BCV, including the departure or arrival of coin and notes made by another countries by BCV's express order.

System for Transactions with Foreign Currency Securities

The Central Bank is able to issue bonds through the System for Transactions with Foreign Currency Securities (SITME). In 2012, it was reported that $44 million worth of bonds were purchased through SITME in a single day for Petróleos de Venezuela, S.A.

Presidents of the Central Bank of Venezuela

President	Took office	Left office	Notes
Jesús Herrera Mendoza	1940	1948
Carlos Mendoza Goiticoa	1948	1953
Aurelio Arreaza Arreaza	1953	1958
Alfonso Espinosa	1958	1960
Alfredo Machado Gómez	1961	1968
Benito Raúl Losada	1968	1971
Alfredo Lafée	1971	1976
Benito Raúl Losada	1976	1979
Carlos Rafael Silva	1979	1981
Leopoldo Díaz Bruzual	1981	1984
Benito Raúl Losada	1984	1986
Hernán Anzola	1986	1987
Mauricio García Araujo	1987	1989
Pedro R. Tinoco	1989	1992
Miguel Rodríguez Fandeo	1992
Ruth de Krivoy	1992	1994
Antonio Casas González	1994	1999
Diego Luis Castellanos	2000	2005
Gastón Parra Luzardo	2005	2009
Nelson Merentes	2009	2013
Edmée Betancourt	2013
Eudomar Tovar	2013	2014
Nelson Merentes	2014	2017
Ricardo Sanguino	2017
Ramón Augusto Lobo Moreno	2017	2018
Calixto Ortega Sánchez	2018	present

See also

• Venezuela and the International Monetary Fund
• List of central banks