Banco central de Venezuela

Main article: Venezuela's economy

The Central Bank of Venezuela (Spanish: Banco central de Venezuela) is the central bank of the Bolivarian Republic of Venezuela.

History

2023: Venezuela launched the Russian payment system "Mir"

Venezuela has launched the Russian payment system Mir. This was announced on June 15, 2023 by the President of the Central Bank of the Latin American country Calixto Jose Ortega Sanchez. Read more here.

2021: Britain's Supreme Court refuses to return $2 billion of its gold to Venezuela

In December 2021, the British Supreme Court denied Venezuelan leader Nicolas Maduro access to the country's gold reserves worth almost two billion dollars, which lies in the repository of the Bank of England. As a result, from the point of view of the British judicial system, the only one who can manage Venezuela's gold reserves is opposition leader Juan Guaido, whom Britain recognizes as the country's legitimate leader.

2020: British court denies Maduro access to Venezuelan gold stockpile held at Bank of England

A British court refused to grant Venezuelan President Nicolas Maduro access to Venezuelan gold stored at the Bank of England worth $1 billion^[1].

Judge Nigel Tyre, who heard the case, explained his decision by the fact that the UK government officially recognizes Venezuelan opposition leader Juan Guaido as president of Venezuela, and, accordingly, the British court should do the same.

"Judicial and executive powers must stand in the same positions," the judge said.

Caracas has held some of its gold reserves at the Bank of England for decades. Maduro in 2018 tried to return bullion to Venezuela, but was refused by the British Central Bank, which expressed fears that the president could use gold belonging to the country for personal interests.

In May of this year, the Venezuelan Central Bank again tried to return gold, filing a lawsuit in a British court, in which it stated that the country intends to use funds from the sale of gold to finance measures to combat coronavirus in the country as part of a program implemented. UN

The lawsuit said that the actions of the Bank of England "deprive the Central Bank of Venezuela of access to gold reserves in an emergency" and prevent measures from being taken in response to this situation.

Guaido, commenting on the lawsuit filed by Venezuela in an interview with the Financial Times in May, said that the court's decision in favor of Maduro, if adopted, would effectively be "financing torture" carried out in the country.

Guaido's representative in Britain, Vanessa Newman, called "a huge victory for the people of Venezuela and the rule of law" a court decision made by Nigel Tyre.

Lawyers representing Maduro said they intend to appeal the court's decision.

The decision of the British court may become a precedent that will determine the fate of further decisions of international forces in relation to Venezuela, writes The Wall Street Journal.

2019

Central Bank of Venezuela may switch to the Russian analogue of SWIFT

On July 17, 2019, it became known that Venezuela could switch to the Russian analogue of SWIFT (Society for Worldwide Interbank Financial Telecommunications, Society for World Interbank Financial Communication Channels) if US sanctions were imposed against it, Bloomberg reported. We are talking about the domestic financial messaging system (SPFS), launched in 2014.

According to the publication, the Central Bank of Venezuela has already made a corresponding request to the Central Bank of Russia, but both parties have not commented on this information in any way, as well as the Belgian bank payment operator SWIFT.

In particular, the SPFS may become for Venezuela a full-fledged analogue of SWIFT, the international interbank system for transferring information and making payments, if during the next wave of US sanctions the country is disconnected from it.

Falling under US sanctions

The Central Bank of Venezuela fell under US sanctions on April 17, 2019 - they were introduced by the Office of Foreign Assets Control (OFAC) of the US Treasury Department. The agency said that it "seeks to prevent the use of the Central Bank as a tool for the illegal regime of Nicolas Maduro" (Nicolas Maduro). As US Treasury Secretary Steven Mnuchin noted, the sanctions will limit most of the actions of the Venezuelan Central Bank taken by the illegitimate Maduro regime. "The United States commits to helping the Venezuelan people," Mnuchin added.

On April 18, 2019, Venezuelan President Nicolas Maduro commented on the actions of the American side, calling them immoral.^[2]

1940: Getting Started

The bank began operations in August 1940.

1939: Creation of the Central Bank of Venezuela

On September 8, 1939, a law was passed establishing the Central Bank of Venezuela. The bank received the monopoly right to issue banknotes, previously private banks had this right.

Notes