The acting president of the Central Bank of Venezuela (BCV), Luis Alberto Pérez González, stated during a meeting held on Friday with representatives of public and private banks, the Venezuelan Banking Association, SUDEBAN, and the Vice Ministry of Digital Economy, Banking, Insurance, and Securities that a new period of exchange rate stability and declining inflation is projected for the country.He also reported that according to preliminary figures, Venezuela’s gross domestic product (GDP) grew in the first quarter of 2026, bringing the economic recovery to a total of 20 consecutive quarters of expansion.“There are reasons to believe that the national economy will perform well in the coming quarters and that inflation will decline,” he said during the working meeting held at the Manuel Egaña Hall of the BCV in Caracas.Exchange rate stabilityOn exchange rate matters, the acting head of the BCV emphasized that both the official and unofficial exchange rates have shown a significant slowdown. Pérez González stated that the gap between the two has also begun to narrow, reaching 29%, as a result of more active intervention by the BCV.He also announced that measures are being designed to allow individuals and legal entities to buy and sell foreign currency more easily through official mechanisms via banks and exchange houses. However, he clarified that transactions within the domestic market will continue to be encouraged in bolívars.“It is time to begin thinking about instruments that make it easier for individuals and legal entities to continue increasing their preference for maintaining the use of the bolívar,” he said.Restoration of relations with the IMF and Federal ReserveThe acting president of the issuing authority reported that the country has begun restoring its relations with the International Monetary Fund (IMF) and other multilateral organizations, as well as with the US Federal Reserve and international correspondent banks.More credit: a broad agreementPérez González stressed that at this stage, the active participation of both public and private banking will be required to inject resources into the real productive economy through various financing mechanisms.“Sustained economic growth requires credit—credit for the real economy,” he stated. “We are on the right track; the Venezuelan financial sector is sound and fully auditable. We are doing the best we can with the resources available,” he stated.He also noted that the gross loan portfolio has grown in 2026. The official explained that the credit intermediation ratio (which measures the relationship between loans and deposits) stands at 64.4%.Increased confidenceThe acting president of the BCV noted a high level of confidence in the institution’s technical expertise, particularly in its Economic Statistics Department, which he described as a unit “at the service of the nation” that is composed of valuable professionals with strong reputations and long-standing experience.“These professionals have ensured the rigor of statistical processes in the collection, capture, and processing of data, following methodologies that comply with international standards,” he said. “We have resumed the publication schedule, and it meets the standards of other central banks.”“We are advancing into a stage of price stabilization in which we will reinforce the importance of the national currency in transactions by increasing confidence in it.”Technical backing and independent auditingRegarding Venezuelan financial assets held abroad, the official reported that the United States government hired one auditing firm, and the Venezuelan government another.“We remain under constant review of our monetary and exchange policy instruments and will make decisions when deemed appropriate,” he said. He also emphasized the importance of national banking institutions in helping generate prosperity. “It is time to progressively increase the well-being of citizens.”US Treasury Eases Sanctions on Central Bank of Venezuela and Public Banking Sector Featured image: Flags fly outside the Central Bank of Venezuela. Photo: Diario VEA.(Diario VEA)Translation: Orinoco TribuneOT/CB/SL