The Superintendence of Banks of Venezuela (Sudeban) increased the minimum and maximum limit for credit card financing today. The minimum limit goes from USD 5.90 (Bs.S 1.500) to USD 19.64 (Bs.S 5.000) and the maximum from USD 196.85 (Bs.S 50.000) to USD 803.14 (Bs.S 204.000). Sudeban aims to preserve banking services’ quality amid a grave economic crisis and hyperinflation. The measure was published in Resolution No. 091.18 and enters into force on December 12.

Banking institutions must analyze and evaluate the client’s financial profile to determine the credit card limit, regardless of the number of cards the user has in the bank. The main factor to consider is the solvency and payment capacity of the subject.

On the other hand, banking institutions that issue credit cards that exceed the established limit must notify Sudeban within a maximum period of ten working days. In addition, they must present a plan to adapt to the new limits, whose execution time does not exceed six months.

By publishing this measure, Sudeban ratifies its commitment to the guidelines set out by the President of Venezuela, Nicolás Maduro. The president seeks to strengthen the national financial system to resolve the economic crisis engulfing the country since last year. Other relevant initiatives for banking institutions announced in recent weeks are the increase of the legal reserve of private banks and the increase of the commissions for the use of financial services.