On Tuesday, January 10, during the yearly closing of banks, the president of the Bank of Venezuela (BDV) and deputy minister of Digital Economy, Banking, Insurance, and Securities, Román Maniglia, reported positive indicators for the Venezuelan national banking system. The minister highlighted a growth of 366% for deposits with the national financial system during 2022.
The total deposits of the banking system grew to 46.539 billion bolívars, with an increase of 28.06% during the last month of 2022.
La banca creció en depósitos, créditos y bajó su morosidad. La banca pública en los primeros lugares de estos indicadores. Son signos inequívocos de que vamos por buen camino para el impulso y crecimiento en 2023. Seguiremos trabajando para el mayor bienestar de nuestro pueblo.
— Roman Maniglia (@romanmanigliave) January 11, 2023
“The banking system grew in deposits and credits, and its default rate was lowered,” Minister Maniglia explained. “Public banks are at the top of these indicators. These are unequivocal signs that we are on the right track for momentum and growth in 2023. We will continue working for the greater wellbeing of our people.”
At the official exchange rate, deposits stood at $2.66 billion at the end of 2022.
There was a 741% growth in the credit portfolio in 2022, and the total loans of the banking system reached Bs. 13.211 billion. An increase of 65.07% was registered in December 2022, the highest growth of the year.
Maniglia also highlighted that defaults in the financial system decreased by 82.2% during the year.
“The default rate in the Venezuelan banking system in 2022 ended at 0.48% in December, a decrease of 82.2% throughout the year,” he reported.
“The year 2022 ended with a solid and strengthened financial system, thanks to the successful strategies of the national government led by our President Nicolás Maduro and Vice President Delcy Rodríguez, aimed at total economic recovery and growth,” the minister wrote on social media.
Despite the difficult circumstances faced by the national economy and the contraction of the financial sector, defaulting has not represented a major threat to the quality of credit in Venezuela.
The immobilized or disputed portfolio of the financial system was almost 3% at the beginning of the year, but it went down in the first half of the year. In July and August there was a jump to levels higher than 1%, but thereafter it resumed its downward trend for the rest of the year.
Although December was the month with the highest growth of the credit portfolio in 2022, it was also the period with the lowest default rate, at 0.48%.
The government of Venezuela is working to develop a robust economic model in order to improve the quality of life of the Venezuelan people, in spite of the US and European blockade.
(RedRadioVE) by Victoria Torres
Translation: Orinoco Tribune
Victoria Torres#molongui-disabled-linkJanuary 10, 2023