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🇻🇪 Venezuela /Economy & Trade

US-contracted firm to oversee Venezuela's external funds, Central Bank confirms

From El Nacional · (9m ago) Spanish

Translated from Spanish, summarized and contextualized by DistantNews.

TLDR

  • Venezuela's Central Bank confirmed that independent auditing firms hired by the U.S. and Venezuelan governments will oversee the management of the nation's external financial resources.
  • The move aims to ensure transparency and impartiality in fund management, with the firms expected to present reports to both Venezuelan and U.S. authorities.
  • The Central Bank also reported that Venezuela's economy is heading towards stability, with the GDP growing for 20 consecutive quarters and inflation decreasing.

The Central Bank of Venezuela (BCV) has announced a significant step towards financial transparency, confirming that independent auditing firms contracted by both the United States and the Venezuelan government will now oversee the management of the nation's external financial resources. This initiative, spearheaded by BCV President Luis Alberto Pérez González, is designed to instill confidence in the administration of public funds, assuring citizens that resources are being allocated appropriately and reaching their intended destinations.

The involvement of international auditing firms, reportedly including Deloitte, underscores a binational commitment to rigorous oversight. These firms will scrutinize key financial operations, including the BCV's international finances, monetary transactions, foreign exchange market interventions, and currency allocation mechanisms. The final reports will be submitted to Venezuelan Vice President Delcy Rodríguez, as well as the U.S. Department of State and Treasury, highlighting the collaborative nature of this transparency effort.

Que los recursos de la República estén auditados por consultores externos nos da tranquilidad. El país debe tener la plena confianza de que los recursos están pasando por donde tienen que pasar y llegando a donde tienen que llegar

— Luis Alberto Pérez GonzálezPresidente encargado del Banco Central de Venezuela (BCV), explaining the purpose of the external auditing firms.

Beyond financial oversight, the BCV projects a positive economic outlook for Venezuela. President Pérez González highlighted the country's sustained economic growth, with the GDP expanding for 20 consecutive quarters and inflation showing a downward trend. The official and unofficial exchange rates have converged, with the gap narrowing to 29% due to the central bank's active market interventions. Furthermore, the BCV is developing mechanisms to facilitate foreign currency exchange through the banking system and exchange houses, while continuing to promote the use of the Venezuelan bolívar for domestic transactions.

The BCV also noted a robust increase in gross loan portfolios, urging both public and private banks to boost financing for productive sectors. This focus on credit growth is seen as essential for sustained economic expansion. The assertion that the Venezuelan financial sector is "healthy and fully auditable" reflects a government narrative of economic recovery and responsible financial management, aiming to attract investment and stabilize the nation's economy.

El crecimiento económico sostenido demanda créditos. Vamos por buen camino, el sector financiero venezolano está sano y plenamente auditable

— Luis Alberto Pérez GonzálezBCV President commenting on the health of the Venezuelan financial sector and the need for credit growth.
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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