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Venezuelan Government Orders Reduction in Electronic Payment Taxes

Venezuelan Communications Minister Ernesto Villegas made the announcement on Tuesday. (Archive)

 The Venezuelan government announced Tuesday a two percent reduction in value added taxes paid in electronic transactions as part of an initiative to encourage less physical currency use.

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Venezuelan President Reports “Cyber Sabotage” against Banking System

:Maduro tells the country to be on “permanent alert” in the face of the financial cyber attack. (VTV)

President Maduro ordered intelligence services to take “necessary actions” as citizens began to denounce difficulties with payment terminals and electronic banking platforms across the country. 


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Despite Profit Motive, US Banks and Markets Squeezing Venezuela's Economy

In the latest measure to cut off Venezuelan from international finance, Citibank announced it would no longer issue Venezuelan b

Pablo Vivanco inquires if international banks are colluding with the US government to deny credit to Venezuela like in Chile under Allende.

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15% Wage Increase, Workers’ Bank Launched by Venezuela’s Maduro

Nicolas Maduro signs and presents the act which will open discussion for public administrative workers' collective contract

On Monday, Venezuelan president Nicolas Maduro announced his approval of a workers’ proposal to increase the minimum wage by 15% starting December 1st.

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Venezuela's Banks Increased Development Loans by 50% in 2013

Over 40% of bank loans in Venezuela went towards development projects in areas ranging from agriculture to tourism, according to

Agricultural loans, micro-financing and other financing for national development projects rose by 50.73% in Venezuela last year, according to the country's Superintendent of Banks (Sudeban).

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Low Interest Credit Card and No Fee Bank Card Available to Venezuelan Youth

Two people with their new Somos card (AVN)

As of today young people in Venezuela can obtain credit and debit cards at non-profit rates, as part of a plan to incorporate more youth into the financial system.

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Venezuelan Government Increases Banking Sector’s Obligation to Fund Construction and Mortgages

The financial obligation applied to both state-owned and private banks (Minci)

The Venezuelan government has increased the banking sector’s financial obligation to fund construction and provide low interest mortgages as part of policies to broaden access to affordable housing. 

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Venezuela Increases Banks’ Obligatory Social Contributions, U.S. and Europe Does Not

One of the branches for the state run "Bicentenary bank" (aporrea)

Whilst the rest of the world’s population continues to pay for the global financial crisis with their jobs, homes, education and health, and as bankers continue to award themselves millions of dollars in bonuses, the Venezuelan government has increased the percentage of net profits which banks must grant in credit to national social programs, demonstrating what a regulated and socially orientated banking system could look like for the rest of the world.

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Bank Owner Suing Venezuelan Government for US$ 1 Billion

A closed Banco Federal branch last year (archive).

Nelson Mezerhane, president of Banco Federal, which the Venezuelan government expropriated last year for failing to have minimum liquid assets, is suing the government through a US court, claiming the bank was “illegally seized for political reasons”.

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Interpol Blocked 40% of Red Alerts for Venezuelan Bankers

More than 40% of the red alerts requested of Interpol by Venezuela in the case of the fugitive bankers have been blocked over the last year, by a committee of lawyers working for the international organisation. 

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