e project presented by the chairman of the Finance Committee of parliament, Ricardo Sanguino, by a higher central bank’s ability to act more effectively in the development of national economy.The congressman noted that the reform of Article 48 of that Act states that the BCV may receive demand deposits and time, and necessarily, the portion of the lace to be determined form the basis of clearing system, which will operate according with rules issued by that institution.
The same article provides for the custody of physical and dematerialized securities, in agreed terms with them, and the purchase and sale of gold and foreign exchange buying and selling in open market, securities or other financial instruments and make advances on minted gold bar or the conditions imposed by the BCV.
Speaking at full chamber, deputy Sanguino said BCV mission is to maintain monetary stability and permit the commercial and social life.Before reaching President Chavez took office, the proceeding was wholly monetarist body to solve liquidity problems and shortcomings of the Venezuelan financial system.
He said reforming the rule of BCV is necessary to bring it in tune and to serve the strategic objectives of economic development that raises the government in a process of crisis in the world capitalist system.
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