Venezuelan Central Bank discusses earthquake relief credits with national banks

Venezuela's Central Bank (BCV) has convened with national banking representatives to explore credit strategies for families impacted by the devastating earthquakes of June 24. The magnitude 7.2 and 7.5 tremors left approximately 18,000 people homeless.

During the meeting, which also included officials from the Ministry of Economy and Finance and the banking regulator Sudeban, authorities evaluated a credit program designed to aid earthquake-affected families. This program will offer financing for building repairs to condominiums and individuals, as well as provide resources for those who lost their homes entirely.

The BCV stated in a press release that the credit initiative is intended to complement existing government efforts to support affected families and businesses. Details were scarce, but the bank emphasized that the program would be implemented using foreign currency reserves to prevent any impact on the country's monetary supply.

Economists estimate the reconstruction costs could range from $12 billion to $15 billion, a substantial sum for Venezuela's economy. The twin earthquakes resulted in nearly 5,400 deaths, at least 16,740 injuries, and widespread damage to infrastructure, including buildings, businesses, and public facilities.