On March 15 the Venezuelan National Assembly (NA) chaired by Juan Guaidó approved the transfer of funds held by the Central Bank of Venezuela (BCV) in a Citibank account to another US Federal Reserve Bank account in New York. The U.S. Office of Foreign Assets Control (OFAC) must approve the transfer request in the coming days.

BCV’s ad-hoc board of directors, appointed by Guaidó, would be responsible for negotiating the approval of the transfer with the OFAC. If this agency supports the request, the funds may be used without the authorization of the Legislative branch in order to push Guaidó’s political agenda.

Lawmakers, who were obliged to meet virtually due to COVID-19, also approved an USD 80 million fund to finance security, telecommunications and social development programs. In addition, they discussed the current gasoline shortage in the country.