VENEZUELA

On September 7,  the Central Bank of Venezuela (BCV in Spanish) announced that it will send an invitation to public and private banks to carry out joint technical tests for the monetary reconversion next week. Marcos Gómez, member of the board of directors of the BCV, indicated that the necessary processes must be adapted, however, he added that they are in “good time and on the go”. Likewise, the official explained that the contracts for the issuance of the new currency that will circulate as from October 1 will be sent.

The president of the Superintendency of the Banking Sector Institutions (Sudeban in Spanish), Antonio Morales, informed the institutions of the sector that there are some financial entities that present delays regarding the monetary reconversion. Likewise, he stated that on September 30 and October 1, financial entities will not provide regular service in their main offices, agencies, branches, offices and ticket offices. On the other hand, Banco de Venezuela will allow withdrawals in “open amounts”.