Economics
Venezuela Orders New Reserve Requirements for Banks
- Banks asked to create requirement on excess reserves
- Measures to be applied to deposits coming in after Aug. 31
People wait in line to withdraw new sovereign bolivar banknotes at bank branches in Caracas, Venezuela
Photographer: Manaure Quintero/BloombergThis article is for subscribers only.
Venezuela’s Central Bank ordered banks to adhere to additional reserve requirements starting this month.
In a statement posted on it website Tuesday, the bank said new requirements must be applied to excess reserves coming in after Aug. 31. The measure, which is expected to be published in the official gazette in the coming days, didn’t provide additional details.