Lending in Venezuela increased by 120% last November compared to the same month in 2021, according to official data released this Wednesday, without this meaning that credits have reached an optimal level, businessmen say.
According to data communicated by the Superintendency of Banking Sector Institutions (Sudeban), in November the loan portfolio reached, at the official exchange rate, 697.36 million dollars, when in the same month of 2021 it was 316.87 million dollars.
However, the current level of funding remains well below the requirement the country’s economywhere industrialists denounce that the lack of credit is one of the main problems afflicting manufacturing activity.
78% of entrepreneurs complained about the lack of funding in the third quarter of last year, according to a study presented in November by the Confederation of Industrialists (Conindustria), which estimates the sector’s needs at 5,000 million dollars.
The credit responded to a relaxation of government policy that limited funding to try to control the demand for dollars by reducing the issuance of bolivars, needed to buy foreign currency.
