The Central Bank of Venezuela (Spanish: Banco Central de Venezuela, BCV) is the central bank of Venezuela. It maintains a fixed exchange rate for the Venezuelan bolívar. Nelson Merentes is the President of the Central Bank of Venezuela. Merentes is a representative of Venezuela for the International Monetary Fund.

The Central Bank of Venezuela is a legal entity of public law that is a part of the National Authority , with constitutional rank, and full public and private capacity.

The patrimony of the Central Bank of Venezuela is made up of the initial capital, the General Reserve Fund, undistributed profits and any other patrimonial account. The patrimony of the Central Bank of Venezuela may not be assigned or transfer.

The Central Bank of Venezuela is autonomous to make and implement policies within its scope of competency, and performs its duties in a coordinated manner with the general economic policy to achieve the loftiest objectives of the State and the Nation. In the performance of its duties, the Central Bank of Venezuela is not submitted to the guidelines issued by the Executive.

The Central Bank of Venezuela is exempt from payment of any tax, fee, duty or any other payment to the National Treasury, except for indirect taxes applicable to the commercialization of goods produced by the Bank.

Likewise,the Bank has tax immunity with regard to taxes created by the states, the Caracas Metropolitan District and the municipalities. In general, for these purposes the Central Bank of Venezuela is hereby equaled to the National Treasury Office and, therefore, it enjoys franchises and privileges enjoyed by such office.

Functions

The main purpose of the Central Bank of Venezuela is to achieve price stability and preserve the currency value.

The Central Bank of Venezuela shall contribute to the sound development of the national economy, based on the principles of the social and economic system of the Republic.

The Central Bank of Venezuela shall contribute to the Latin American and Caribbean integration by establishing the necessary mechanisms to expedite the coordination of macroeconomic policies.

For the proper achievement of its objective, the Central Bank of Venezuela shall perform the following functions:

• Make and execute the monetary policy;
• Participate in the design of the foreign exchange policy and execute it;
• Regulate the credit and the interest rates of the financial system;
• Regulate the currency and promote the adequate liquidity of the financial system;
• Centralize and manage the international monetary reserves of the Republic;
• Participate in, monitor and regulate the foreign exchange market in the terms it may agree to with the Executive;
• Watch over the proper functioning of the country’s payments system and set the operating rules thereof;
• Exercise the exclusive power to issue currency;
• Advise the national public powers in connection with the matters within its competency;
• Exercise the rights and take on the obligations of the Republic at the International Monetary Fund, pursuant to the provisions set forth in the respective agreements and in the Law.;
• Participate in, regulate and perform operations in the gold market;
• Compile and publish the main economic, monetary, financial, exchange, price and balance of payments statistics;
• Perform other operations and services pertaining to central banks.

Structure and Organization

The President is in charge of the direction and administration of the Central Bank of Venezuela, and he/she shall also act in the capacity as chair person of the Board of Directors and as legal represent of the Bank.

The President of the Central Bank of Venezuela is the main representative and executive authority of the Bank, his/her office requiring an exclusive dedication. He/she is designated by the President of the Republic for a seven-year (7) term, following the procedure set forth herein in relation to the integration of the Board of Directors, and shall be ratified by the majority vote of the National Assembly Representatives. Should the National Assembly consecutively reject two (2) candidates, the President of the Republic shall appoint the President of the Bank, whose designation shall be ratified by the National Assembly.

The First Managing Vice President shall assist the President of the Central Bank of Venezuela, perform the functions that the President or the Board of Directors expressly delegates to him/her and attend the Board of Directors meetings, with the right to speak but not to vote, acting as the Secretary of the Board of Directors. Its office requires an exclusive dedication.

The Board of Directors of the Central Bank of Venezuela is made up of the President of the Bank and six (6) Directors, five (5) of whom shall be full-time members designated for a seven (7) year term. One of the Directors shall be a Minister of the economic cabinet, designated by the President of the Republic with an alternate. The Finance Minister may not be a member of the Board of Directors. The Board of Directors and the First Managing Vice President will represent the Nation’s interest only.

The members of the Board of Directors, including the President of the Bank, may be ratified in their offices. If their terms expire, and they are not ratified, the President and the members of the Board of Directors shall remain in their offices until their respective substitutes are designated, which designation shall be made in a term not exceeding ninety (90) days.

Useful links

Currency of Venezuela:

Venezuelan Bolivar

List of Central Banks:

Central Banks

Official website of Central Bank of Venezuela:

www.bcv.org.ve

Exchange Police of The Central Bank of Venezuela:

www.bcv.org.ve