(Agencia Bolivariana de Noticias) - "More than 2 million new bank savings accounts were opened by Venezuelans during the last two years, while 35% of the population keeps using cash, Venezuelan Central Bank (BCV) director Armando León, told managers and directors from the Finance Ministry.

Statements were included in a press bulletin pointing out that the BCV accepted an invitation from the Vice-minister for Regulation & Control, Carlos Ramones to explain the most significant aspects about monetary reform.

León explained that the new monetary scale will come into force January 1,2008, in conjunction with the national government and that the object is to prop up the economic growth experienced over the last trimesters to allow social inclusion based on sustainable socio-economic development and to strengthen the national currency.

The BCV director said there are economic policies designed to support currency re-conversion such as a reduction in VAT, PDVSA's fiscal contributions in foreign currency, reorganization of public sector treasuries and the emission of public debt instruments in accordance with specific necessities to reduce surplus liquidity.

Regarding the real economic sector, a public investment plan has been implemented, especially in infrastructure... making Venezuela one of the countries with the highest rate of infrastructure building in Latin America.

León also talked about the Plan de Siembra Petrolera (Oil Sowing Plan, which rules Venezuela's energy policies), foreign currency availability for import, an increase in foreign currency quotas for travelers and credit portfolio restructuring in favor of productive sectors... aimed at tourism, agriculture, small and medium industry.

Regarding monetary and exchange policies, measures have been taken to stabilize the exchange control, timely BCV decisions to avoid undesired monetary expansions through open market operations and legal reserves, to encourage savings, trying to increase bank utilization and monetary reform.

The BCV director said they are socio-economic policies which have allowed growth with economic stability.

Following Armando León's speech, the head of the BCV's non-finance private sector studies division, Elías Bracho covered the more significant aspects of monetary reform".