Power of Story
Send a Tweet        
- Advertisement -
OpEdNews Op Eds

Banking in Venezuela

By       Message Stephen Lendman     Permalink
      (Page 1 of 8 pages)
Related Topic(s): ; ; , Add Tags Add to My Group(s)

Must Read 2   Well Said 2   Interesting 1  
View Ratings | Rate It

opednews.com

Author 194
Become a Fan
  (191 fans)
- Advertisement -

Banking in Venezuela - by Stephen Lendman

The Banco Central de Venezuela's web site (Venezuela's Central Bank) relates BCV history from its September 8, 1939 inception. At the time, conservative forces feared monetary instability under uncontrolled Central Bank spending. As a result, opponents (unsuccessfully) said giving it exclusive money creation power was unconstitutional. 

- Advertisement -

Thereafter BCV reforms occurred in 1943, 1960, 1974, 1983, 1984, 1987, 1992, 2001, and most recently making banking a "public service" in 2010. More on that below.

In 1992, legislation established "administrative autonomy," in part transforming the bank into a "public legal entity. Until then, (it was solely) corporate in nature." Thereafter, Venezuela's president appointed "a collegiate body of seven members, a president and six directors," requiring two-thirds Senate approval for a six-year term. Its mandate is "monetary stability, economic balance and well-ordered economic development."

- Advertisement -

Under Article 156 (11) of Venezuela's 1999 Constitution, National Public Power controls:

"Regulation of central banking, the monetary system, foreign currency, the financial and capital market system and the issuance and mintage of currency."

Under Section Three: National Monetary System, Article 318:

- Advertisement -

"The monetary competence of National Authority shall necessarily be exercised exclusively by the Venezuelan Central Bank (BCV). (Its) fundamental objective....is to achieve price stability and preserve the internal and foreign exchange value of the monetary unit....The Venezuelan Central Bank is a public-law juridical person with autonomy to formulate and implement policies within its sphere of competence."

Next Page  1  |  2  |  3  |  4  |  5  |  6  |  7  |  8

 

- Advertisement -

Must Read 2   Well Said 2   Interesting 1  
View Ratings | Rate It

I was born in 1934, am a retired, progressive small businessman concerned about all the major national and world issues, committed to speak out and write about them.

Share on Google Plus Submit to Twitter Add this Page to Facebook! Share on LinkedIn Pin It! Add this Page to Fark! Submit to Reddit Submit to Stumble Upon



Go To Commenting
/* The Petition Site */
The views expressed in this article are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.

Writers Guidelines

Contact AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles
Related Topic(s): ; ; , Add Tags
- Advertisement -

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

The McCain-Lieberman Police State Act

Daniel Estulin's "True Story of the Bilderberg Group" and What They May Be Planning Now

Continuity of Government: Coup d'Etat Authority in America

America Facing Depression and Bankruptcy

Lies, Damn Lies and the Murdoch Empire

Mandatory Swine Flu Vaccine Alert