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Central Bank of Venezuela (Banco Exchange of Venezuela)
The central bank of Venezuela was established in 1939: it is a legal person of public law which is autonomous and independent. It was created following a study requested by the president of the Republic Eleazar López Contreras in 1937. A commission was then charged to study the operation and the regulation of the central banks in Central America and South America. A government bill was thus proposed and the central bank of Venezuela could begin its operations in 1940. The latter aims to maintain stability monetary in the country.
Many missions are entrusted to the central bank of Venezuela: it is first of all a question of formulating and of applying the policy of rate of exchange in the country. Moreover, this bank supervises and regulates the foreign exchange market by respecting the instructions given by the executive power. It must also ensure the good performance of the systems of payment and consider the level suitable of the reserves international of the country. In addition, the central bank of Venezuela has the monopoly of emission of the banknotes and the coins, the official currency being the Bolivar Venezuelan. It is also the central bank which regulates the currency and which publishes statistics concerning the economy, the financial sector or balance of payments.
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