Venezuela considers credit program for earthquake-affected families

Venezuela's Central Bank (BCV) is exploring a credit program to assist families impacted by a devastating double earthquake that struck a month ago. The twin tremors, measuring 7.2 and 7.5 magnitude, left an estimated 18,000 people without homes and caused extensive damage across various sectors.

Officials from the BCV met with representatives from national banks, the vice presidency of the Economy, the Ministry of Economy and Finance, and the Superintendency of Banking Institutions (Sudeban) to discuss strategies for reconstruction. The proposed credit program is intended to finance repairs for damaged buildings, offering loans to condominium owners and individuals. It also includes provisions for accessing resources to purchase new homes in cases of total loss.

The BCV stated that this credit initiative would complement other reconstruction efforts by the National Executive. Importantly, the program is being designed to avoid impacting the monetary supply, with financing to be based on foreign currency resources. This approach aims to provide crucial support without exacerbating existing economic challenges.

Despite an "atypical" year, Venezuela's macroeconomic conditions in 2026 are expected to mirror 2024, characterized by exchange rate stability and reduced inflationary pressures, according to Calixto Ortega, the sectorial vice president of the Economy. The earthquakes have resulted in nearly 5,400 deaths, at least 16,740 injuries, and significant damage to buildings, businesses, hospitals, schools, and infrastructure, including the country's main international airport. Economists estimate reconstruction costs could range from $12 billion to $15 billion, a substantial figure for Venezuela's economy.