August 29, 2014 4:47 PM ET

Diversified Financial Services

Company Overview of Banco Central de Venezuela BCV

Company Overview

Banco Central de Venezuela BCV (bank) principally engages in the formulation and implementation of monetary policy in Venezuela. It also participates in designing and carrying out exchange rate policy; regulates currency, credit, and interest rates; and administers international reserves. In addition, the company monitors and regulates the foreign exchange market; observes the functioning of the country’s payments system and set the operating rules; issues currency; and exercises the rights and takes on the obligations of the Republic at the International Monetary Fund. Further, it regulates and performs operations in the gold market; compiles and publishes the main economic, monetary, finan...

Av Urdaneta esq Las Carmelitas

Caracas,  1010

Venezuela

Phone:

58 212 8015111

Fax:

58 212 8611649

Key Executives for Banco Central de Venezuela BCV

President and Director
First Vice President Manager
Compensation as of Fiscal Year 2014.

Banco Central de Venezuela BCV Key Developments

Venezuela Central Bank Announces Executive Changes

New members appointed to Venezuela central bank board. Venezuela's national assembly appointed Franklin Méndez Bonilla and Sohail Hernández to the board of directors of central bank BCV. Méndez most recently served as vice-minister of oil and mining. From 2006 to 2012, he headed CVP, a subsidiary of state oil company PDVSA. Hernández most recently served in the foreign relations ministry as vice-minister of economics and international cooperation.

Central Bank of Venezuela and Pdvsa Establish Joint Venture

The Central Bank of Venezuela (BCV) and Pdvsa, have established a joint venture to engage in the gold business. The oil firm's stake will be about 60% and the central bank plans to purchase all of the gold mined in the country.

Venezuela central bank Announces Board Changes

Venezuela central bank announced that it has removed Edmée Betancourt from her position as president of the central bank (BCV) and appointed Eudomar Tovar as her replacement. In addition to serving as head of Cadivi, Tovar also previously served as vice president of the central bank, president of the regional monetary council in Sucre, deputy minister of regulation and control for the finance ministry and director at Venezuela's state-owned development bank Bandes.

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