Legal immunity for the assets held by the Central Bank of Venezuela
Chapter on the Macroeconomic Stabilization Fund (FEM) was removed from the Financial Management Law
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Assets of the Central Bank of Venezuela include cash, notes, reserves and goods (File photo)
EL UNIVERSAL
Wednesday December 03, 2014 01:04 PM
Venezuela's President Nicolás Maduro, via Enabling Law, set a legal instrument under which the assets held by the Central Bank of Venezuela (BCV) will have immunity.
The Law on Sovereign Immunity of the Assets of Central Banks and other Foreign Monetary Authorities, published in the special edition of the Official Gazette No. 6,154, establishes that "the assets of central banks enjoy the privilege of immunity from any preventive or executive measure under the jurisdiction of the Bolivarian Republic of Venezuela."
Consulted experts think that the measure is intended to protect the assets in the event of any action.
By means of the special powers, the Executive Office amended the Central Bank Law that has not been released yet.
Further, the Venezuelan government reformed the Financial Management Law. Some of the changes made, include the removal from the chapter which sets regulations for the Macroeconomic Stabilization Fund (FEM).
The Law on Sovereign Immunity of the Assets of Central Banks and other Foreign Monetary Authorities, published in the special edition of the Official Gazette No. 6,154, establishes that "the assets of central banks enjoy the privilege of immunity from any preventive or executive measure under the jurisdiction of the Bolivarian Republic of Venezuela."
Consulted experts think that the measure is intended to protect the assets in the event of any action.
By means of the special powers, the Executive Office amended the Central Bank Law that has not been released yet.
Further, the Venezuelan government reformed the Financial Management Law. Some of the changes made, include the removal from the chapter which sets regulations for the Macroeconomic Stabilization Fund (FEM).
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