BCV: Bank accounts in foreign currency will be remunerated

Foreign currency denominated bank accounts will accrue "tiny" interests like in the world market, Armando León, a member of the board of directors of the Central Bank of Venezuela (BCV), told state-owned Radio Nacional de Venezuela during an interview.

He promised that in the next few weeks the BCV plans to issue the regulations so that individuals and corporation can open their accounts in foreign currency inside Venezuela.

Requirements include identity documents, working certificate and affidavit on the source of the funds.

As soon as the regulations are effective, interested persons may go to the Transaction System for Foreign Currency Denominated Securities (Sitme), a system whereby US dollars are bought through bonds at the exchange rate of VEB 5.30 per US dollar, without the need of holding a foreign account.

Whoever intending to appear at Sitme should have available the local currency in a domestic bank which will be responsible for administrative matters and will open an account where the foreign currency will be deposited. The money deposited there may be used abroad by means of ATM card, transfer or checks.

Financial institutions will keep the US dollars in the BCV.

"We want to facilitate such operations and also it is a long-term signal for those willing to work in Venezuela," León reasoned.