Encaje Legal Bancario En Venezuela

The ineffectiveness of these measures would be compensated by the introduction of a first replenishment of the mandatory reserve in April 2020. This measure, which corresponds to the one-time deduction of the deficit recorded by each bank on 1.4.2020 (see Box 1), would have effectively contributed to reducing the deficit reserve gap; However, the implementation of the distribution of the single incentive amount of 1.5 trillion baht did not prevent the recurrence of deficits almost two months later. This result would be linked to the dynamics of the application of the distribution of the incentive and the loss of value that the incentive suffers over time. In order for a bank to receive the discount at the time of the issuance of the reserve requirement, it is necessary to ensure that the value of the dispersion of its average deficit as a percentage of the average of the banking system over the last 22 days is less than one unit. This provides an incentive for banks to maintain their deficits from the outset; Since all the reserve deficits are present, everyone has a share of the total amount and therefore has the right to access the reduction. On the other hand, the value of the global discount of 1.5 trillion baht decreases compared to the magnitude of the reserve deficit that extends over time with the monetary financing of a large part of household spending. [6] The ordinary reserve ratio was 12% after reunification in 1990; Intermediate level between the interest rates of 15%, 10% and 8% respectively for current accounts, savings accounts and term deposits, which were in force until the end of the 1980s. With the back and forth of monetary imbalances and attempts to correct them, the ordinary reserve ratio undergoes various changes. In the first half of the 1990s, it has values between 15% and 25%, which are not necessarily in that order; From 1996 onwards, it stabilized at 17% for the rest of the decade and in a few more years. It remained at this last level until September 2012, from that moment it rises to reach a new plateau, with oscillations between 20.5% and 21.5% for about 6 years.

Since October 2018, it has resumed its bullish pace, but in a very pronounced way, rising to 31% and then to 57%, a level at which it will remain for 14 months (until April 2020). 02. Subject to the provisions of Article 17 of the Decision (on microfinance banks), the above-mentioned banking institutions hold minimum reserves of seventy-three per cent (73 per cent) of the total amount of net liabilities in local currency. The revision of venezuela`s reserve policy presented in these notes suggests that with its inevitable and persistent loss of effectiveness, an increasingly limited space for the exercise of current monetary policy is revealed. This result is obviously a paradox with the authorities` commitment to maintain fiscal dominance; But at the same time, it describes a deepening of dollarization, which has already de facto taken an important place in payment methods in the country. They argue that in the case of Venezuela, one of the main elements that has led to limited lending is the legal impossibility of lending in foreign currency. Data from economist Leonardo Buniak, published on Thursday 29. September, revealed at the seminar «How to Budget for 2023» of the Venezuelan American Chamber of Commerce and Industry (Venamcham), show that if Colombia has a required reserve of 11%, that of Venezuela is 73%. [8] Until 1993, banks were obliged to maintain 2/3 of the minimum reserves in the BCV. For the economist Leonardo Vera, the reduction of minimum reserves will have no impact on the volume of credit. «Banks are now paying an effective reserve requirement rate of almost 34%, which explains the astronomical fines. Reducing it to 73% means ignoring reality,» he says.

Statutory reserve requirements have tended to lose their relevance in many countries due to fundamental changes in monetary policy. On the basis of the objective of adjusting the level (quantity) of monetary aggregates, the use of open market operations (AMOs) and thus also of reference interest rates has become widespread as a fundamental instrument of monetary policy (e.g. the US policy interest rate)[2]. These speculations are an opportunity to make rigorous comments on the country`s reserve policy, forcing us to take into account not only the cyclical impact of its recent reforms, but also its medium- and long-term effects: in January 2021, Official Gazette No. 42050 stipulated that the legal bank reserve for bolivar deposits increased from 93% to 85%. while for foreign currency withdrawals, minimum reserves would remain at 31%. [5] The respective decisions of the BCV set out the criteria for calculating the level of minimum reserves that banking institutions must maintain in their accounts with this institution. The statutory ordinary reserve is based on the amount of net liabilities plus the amount of investments carried forward (some exceptions are specified: BCV loans, financial support commitments and commitments related to the operation of bank subsidiaries abroad). The calculation is based on the average of the daily balances of this base from Monday to Friday. How did the peak develop from three years ago to today? From that moment on, you start to see that people are turning to you, understanding what you want to do, we understand that these are young people in the financial market, trying to provide themselves with products and services that will make it easier for you right now, which was the worst time, and that it will be at the end of 2019 and the first half of 2020. A terrible moment that allowed you to perform operations quickly and safely.

From this moment, the bank generates growth, in different areas of the classification of the bank, from assets, through the loan portfolio©, foreign currency deposits, which was really a miserable growth, which at one point has almost more than 400% in the increase in dollar deposits. We arrived about two months ago to rank second among banks in foreign currency fundraising, so the increase, both in the products and services that the customer returns, understands and accepts, and is generated, takes about two and a half years± to have 25,000 customers to have that. what we currently have, which is 400,000 customers. [10] Since the 1970s, different formats of special lace have emerged. During the first oil boom, for example, commercial banks were subject to the obligation of additional reserve requirements of 40% in cases where the level of their demand or maturity obligations exceeded twenty times their capital and paid-up reserves. An additional reserve requirement for public sector deposits was also introduced (1977), with an initial rate of 80% then falling to 15% and remaining there for several years. During the exchange control years (1984-1987), a reserve requirement ratio was applied to foreign currency deposits and excess reserves, reaching a level of 100%. In 1992, a specific reserve obligation of 15% for the liabilities of MMFs and a marginal reserve obligation of the same amount were approved due to fluctuations in balances with respect to the liabilities shown in 31-8-92. An additional special reserve of 6 per cent was established in 2010 for commercial and universal banks that had not participated in the Gran Misión Vivienda programme; and a discount of 3 percentage points to the base and marginal reserve ratios for those involved in the purchase of securities issued under this program.

This peak lasted until mid-2017. Can the reduction in reserve requirements have an impact on inflation and the exchange rate? For economist María Antonia Moreno, lowering the legal obligation to reserve would boost credit and GDP growth in a transparent and institutionally strong business environment, she told Crónica.Uno. According to the government, the economy grew by 4% in 2021, after seven consecutive years of contraction. Independent companies expect GDP to be 5% this year.