26 de julio de 2016 12:48 PM
Actualizado el 26 de julio de 2016 12:55 PM
The board of the Latin American Reserve Fund (FLAR) on July 22 approved a USD 482.5 million loan for the Central Bank of Venezuela (BCV) for a three-year term. All the specific aspects concerning the loan will be expressed in an agreement to be signed soon.
FLAR’s decision intends to contribute to the region’s economic stability, through loans granted to the central banks of the fund’s Member States as requested.
It is important to highlight that FLAR’s board observes its Member States’ foreign indebtedness legal requirements and internal policies, such as the loan in question.
Particularly in this case, the BCV told the Fund’s board that the Supreme Tribunal of Justice (TSJ) revised the bank’s autonomy to incur foreign debt, thus authorizing it to sign loans with FLAR.