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🇻🇪 Venezuela /Economy & Trade

Economist hails U.S. training for Venezuela's banks as 'more important than it seems'

From El Nacional · () Spanish

Translated from Spanish, summarized and contextualized by DistantNews.

At a glance

News Named sources Context piece
  • An economist welcomed U.S. training for Venezuela's central bank and private banks on financial crime and correspondent banking.
  • The training is seen as crucial for Venezuela's integration into the international financial system and expanding correspondent banking.
  • Experts note that while the training is important, robust compliance standards are necessary for international banks to operate with Venezuela.

Economist Asdrúbal Oliveros praised the U.S. government's recent training for Venezuela's central bank and private financial institutions. The initiative focused on financial crime prevention and correspondent banking, which Oliveros described as "more important than it seems" for the country.

The U.S. Embassy in Caracas announced the completion of the training, emphasizing its role in strengthening financial relations between the two nations and supporting Venezuela's economic recovery. Oliveros highlighted that this step is vital for Venezuela's effective integration into the global financial system and for substantially expanding correspondent banking.

This is an important step because Venezuela needs to advance in the effective integration of the national banking system with the international financial system and substantially expand the scope of correspondent banking.

— Asdrúbal OliverosOliveros explained the significance of the U.S. training for Venezuela's financial sector.

He explained that restoring these channels would facilitate international transactions with fewer obstacles, improve clearing and settlement mechanisms, and ease the movement of foreign currency. This, in turn, could lead to more market participants, increased trading volume, and better price formation, reducing current market limitations.

This process is much more important than it appears.

— Asdrúbal OliverosOliveros emphasized the broader implications of the U.S. training initiative.

However, Oliveros cautioned that for this to be successful, the financial infrastructure must be supported by strong compliance standards. These include Know Your Customer (KYC) protocols, anti-money laundering measures, fund traceability, and risk management. He stressed that correspondent banking requires institutional and operational trust, not just a banking connection.

Oliveros reiterated that a modern foreign exchange market needs a banking infrastructure capable of handling currency flows efficiently, transparently, and competitively. He concluded that while the training is a significant step, it must be accompanied by rigorous compliance to truly benefit Venezuela's financial integration.

Correspondent banking is not just a banking connection; it requires institutional and operational trust.

— Asdrúbal OliverosOliveros outlined the necessary conditions for successful correspondent banking relationships.
DistantNews Editorial

Originally published by El Nacional in Spanish. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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