Banking recommends making rules for credit delivery in bolivars and foreign currency more flexible

Banking recommends making rules for credit delivery in bolivars and foreign currency more flexible

Representatives of the Venezuelan bank assure that 2022 closes with positive results for the sector. They maintain that the loan portfolio shows slight signs of improvement and low delinquencies, but suggest the need to make economic policy more flexible to improve its ability to grant loans

The Banking Association of Venezuela (ABV) affirmed that The sector shows growth in tandem with the recovery the rest of the country’s economy. He points out, however, the need to relax the rules that allow them to deliver more credits in bolivars and also in foreign currency.

«The year 2022 closes for Venezuelan banks with recovery indicators compared to the performance registered during the year 2021. In this year in our country the process of technological consolidation of the payment channels continued, that had to develop massively and abruptly in recent years for economic, operational and regulatory reasons. Currently, the benefits of these channels are evident, which represent different digital options for users to carry out their operations,” the union said in a statement.

He stressed that the community now has various banking instruments to carry out its payment operations, a situation that complements those developed by the Central Bank of Venezuela (BCV), favors the financial inclusion of citizens and, at the same time, it facilitates their transactions, and with it, the processes of interaction between the different actors of the economy.

As regards the loan portfolio, the ABV indicated that slight signs of improvement have been observed with low delinquency, but that it is important to make official policies more flexible for the granting of credits in bolivars and foreign currency.

«The alternative of granting credits in foreign currency is considered relevant, due to the preference of the population to keep their deposits in foreign currency in banking entities. A paradigm shift for Venezuelans that will generate new means of payment and benefits for customers in the sector,” he said.

*Read also: Venezuelan banks reach the lowest level of their capacity to grant credits

They argued that banks have contributed and accompanied the authorities in the growth of an exchange market that allows both companies and individuals to have an ideal space to buy and sell foreign currency with all the confidence and transparency required. .

“The national banking system will continue committed to continue doing everything in its power to return to its main function, such as providing the necessary financing, both in local currency and in foreign currency, in order to contribute to the best performance of companies, create more jobs and accompany users in the sector, facilitating consumption in their homes. A challenge accompanied by difficulties, but essential for the development of the country.

Regarding the actions within the bank, the ABV reported that since the second half of the year, shareholders of each of the entities have complied with the equity strengthening measures in accordance with the regulations issued by the Superintendency of Banking Sector Institutions (Sudeban).

“It is noteworthy that banks currently show capitalization rates that meet the minimums required by the regulator.”

For the year 2023, the union indicates that the new horizons for the nation are glimpsed with good prospects, by virtue of the opening of the border with Colombia, which will represent greater challenges of competitiveness and productivity, in all areas of the economic sectors. from the country; as well as the improvement in relations with other countries such as Brazil, the Netherlands Antilles and the Andean Community of Nations, “for which, the Venezuelan banks have begun to prepare.”

*Read also: Low credit activity timidly boosts non-bank loans

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