On February 9th, the Superintendence of Banking Sector Institutions (Sudeban) published Regulation N° 009.18, which sets the maximum limit for monthly financing with credit cards in 120,000 Tax Units (UT), which is equivalent to US $ 1,440. This measure is part of the policies adopted to face the “systematic attack of the economic war,” Sudeban reported. The regulation came into force on the day of its publication.

The measure allows “to increase the aforementioned limits, taking into account the economic and financial situation of the country and the needs of Venezuelans”. The banks, after analyzing and evaluating the client’s information and depending on their financial profile, will determine the limit to be approved for each client per card.

The banking supervisory body considered it necessary to adapt and update the existing regulations, with the aim of promoting the efficiency and quality of the National Financial System. The protection of user’s rights is another key point.