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ECONOMY

Increased central bank aid to Venezuelan state companies

The Central Bank of Venezuela (BCV) allocated some USD 222.64 million to the state industries in just one month

The liabilities of state-run oil company Pdvsa to the Central Bank of Venezuela (BCV) went down to USD 25.27 billion (File photo)
MAYELA ARMAS H. |  EL UNIVERSAL
Friday February 22, 2013  11:39 AM
The Central Bank of Venezuela (BCV) not only allocates money to state-owned oil company Pdvsa, but also to other state-run enterprises. Said financial aid spiked to USD 2.68 billion by the end of January.

Data from the BCV reveals that by December 2012 the financial assistance given to public firms amounted to USD 2.46 billion. In other words, some USD 222.64 million was given to public institutions by the BCV in just one month, up 9%.

Such behavior reveals that the central bank is printing more bills to meet the needs of state-owned companies. Analysts pointed out that the financial assistance given by the BCV aims at bridging gaps in the public sector.  

Sources have reported that the deficit in the public sector may amount to 11-15% of the gross domestic product.

While the central bank aid to public companies soars, Pdvsa is reducing its liabilities to the financial institution.

BCV's data shows that the oil giant has paid a portion of its liabilities, thus reducing its debt by 4%.

By the end of December 2012, financial aid accounted for USD 26.30 billion and ended in January at USD 25.27 billion. However, since 2010, the oil company has been paying and taken on further credits.

Translated by Jhean Cabrera


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