Английская Википедия:Central Bank of Venezuela

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Шаблон:Short description Шаблон:Use dmy dates Шаблон:Infobox Central bank

Файл:BCV Building.jpg
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).[1]

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%).[2]

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.[3]

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".[4]

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.[5] 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.[6]

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.[7]

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.[8]

Presidents of the Central Bank of Venezuela

President Took office Left office Notes
Jesús Herrera Mendoza 1940 1948 [9]
Carlos Mendoza Goiticoa 1948 1953 [9]
Aurelio Arreaza Arreaza 1953 1958 [9]
Alfonso Espinosa 1958 1960 [9]
Alfredo Machado Gómez 1961 1968 [9]
Benito Raúl Losada 1968 1971 [9]
Alfredo Lafée 1971 1976 [9]
Benito Raúl Losada 1976 1979 [9]
Carlos Rafael Silva 1979 1981 [9]
Leopoldo Díaz Bruzual 1981 1984 [9]
Benito Raúl Losada 1984 1986 [9]
Hernán Anzola 1986 1987 [9]
Mauricio García Araujo 1987 1989 [9]
Pedro R. Tinoco 1989 1992 [9]
Miguel Rodríguez Fandeo 1992 [9]
Ruth de Krivoy 1992 1994 [9]
Antonio Casas González 1994 1999 [9]
Diego Luis Castellanos 2000 2005 [9]
Gastón Parra Luzardo 2005 2009 [9]
Nelson Merentes 2009 2013 [9]
Edmée Betancourt 2013 [9]
Eudomar Tovar 2013 2014 [9]
Nelson Merentes 2014 2017 [10][9]
Ricardo Sanguino 2017 [11][9]
Ramón Augusto Lobo Moreno 2017 2018 [12][9]
Calixto Ortega Sánchez 2018 present

See also

Шаблон:Portal

References

Шаблон:Reflist

Шаблон:Central banks Шаблон:Venezuelan currency Шаблон:Authority control Шаблон:Coord