Send a Tweet
Most Popular Choices
Share on Facebook Share on Twitter Share on LinkedIn Share on Reddit Tell A Friend Printer Friendly Page Save As Favorite View Favorites
OpEdNews Op Eds

Banking in Venezuela

By       Message Stephen Lendman       (Page 1 of 8 pages)     Permalink    (# of views)   1 comment

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

opednews.com

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.

Stephen Lendman Social Media Pages: Facebook page url on login Profile not filled in       Twitter page url on login Profile not filled in       Linkedin page url on login Profile not filled in       Instagram page url on login Profile not filled in

Go To Commenting
The views expressed herein are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.
Writers Guidelines
Related Topic(s): ; ; , Add Tags
Contact AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles

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