Brief Intro Of Banco De Venezuela

1. A Brief Intro to Banco De Venezuela: Banco De Venezuela is the central bank of Venezuela. It is the government organization that is looking into all money exchanging operations of Venezuela since 1996. Also, it is the governing agent of “the clear House System”. This bank works according to the central economic policies of the government and it is bound to follow all the country rules and regulations. All the interior or foreign trade of the currency is done according to the policies established by BCV. Banco De Venezuela History​: Back in the year 1883, this bank was established as Banco commercial, a few years later in the year 1890 the name was replaced by “Banco De Venezuela”. The aim of the foundation of this bank was government loans and taxation. By 1920, it has succeeded to develop 10 new offices across the nation. Till 1940 the bank got a lot of success and got recognized by the whole nation of Venezuela. This bank has also given the authority to public currency notes and to deal with all the interior and exterior import and export operations. By 2007, ​Banco De Venezuela succeeded to be in the list of top 5best banks of the world. By 2007 it has 321 offices across the country. What is Banco Industrial De Venezuela? BIV (Banco Industrial De Venezuela) is the state bank of Venezuela. it was founded back in the year 1937, it has 60% government whereas 40% private investment. BIV is the head of all the other banks in Venezuela. in the years 1960-1970, the state-owned this bank and with 100% government investment, it became a total government organization. After that, it has to follow all the national rules, regulations and economic policies. In 2009, the chief person of BIV was convicted in the case of the biggest corruption, in which a huge amount of money was transferred by BIV. Actual Laws and Foreign Reserves: According to state policies, BCV is bound to follow the state economic policies. any chairperson or any other bank personnel violating the rules and policies would be punished according to law.

2. Since its commencement in the late 1930s, the BCV was given an escape to control the fiscal arrangements of the country, bringing together the tasks of a bunch of private banks that used to perfect the Venezuelan money. For right around 50 years the BCV figured out how to support momentous solid cash, with expansion rates drifting on the 2-3% mark during that period. That’s all.