Venezuela Real

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Venezuela's state bank says unaffected by crisis

Por Venezuela Real - 3 de Octubre, 2008, 21:05, Categoría: Prensa Internacional

The Associated Press
Washington Post
Octobre 03, 2008

CARACAS, Venezuela -- Venezuela's state-owned bank says it will not be affected by the U.S. financial crisis.

The state-run Bolivarian news agency quotes the president of Banco del Tesoro as saying the government's financial institutions are "well protected."

Cesar Giral said Thursday Venezuela does not have any damaging external financial relationships.

Last month, Venezuela's banking regulatory agency ordered local banks to back up investments offered by Lehman Brothers and Merrill Lynch.

It required institutions holding the investments to keep 50 percent of their value on hand as cash deposits.

Lehman Brothers Holdings Inc. filed for bankruptcy last month and Merrill Lynch & Co. agreed to sell itself to Bank of America Corp.

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