The Central Bank of Venezuela (BCV) published March 20 a resolution that raises the maximum limits of commissions, fees and surcharges that banking institutions can charge for financial services. For example, it increases the cost of issuing and replacing credit and debit cards and operations at the bank’s (and at other banks’) ATMs. The last modification of these fees was made January 29. In addition, the BCV increased from 29% to 40% the maximum annual lending rate that financial institutions can charge users for credit card transactions. Both measures are already in effect.

The main operations affected by the BCV resolution are:

• Debit cards. The cost of replacement due to loss, theft or deterioration and the issuance of electronic cards with chip technology increases from USD 0.05 to USD 0.23.

• Credit cards. The issuance and replacement of credit cards (depending on their category) increases in cost from USD 0.24 up to USD 0.87 to USD 0.91 up to USD 2.12.

• Operations at the banks’ ATMs. Consultation, rejection and transfer remain at USD 0.012. The cash withdrawal fee also remains at 3% of the amount withdrawn.

Operations at other banks’ ATMs. Consultation, rejection and transfer remain at USD 0.015. The cash withdrawal fee also remains at 5% of the amount withdrawn.