In May, Total Deposits added up to 32 trillion 288 billion Bs., which represents a 1 trillion 2 billion increase (3.2%) in May. In the last 12 months, it increased by 11 trillion 790 billion Bs(57.52%)

The report on the Venezuelan Financial System at the end of May, elaborated by Softline Consultants, indicates that the total amount in credits and loans granted increased by 70.5% compared to May 2003.The report includes 50 institutions of the system: 17 universal banks, 20 commercial banks, five investment banks, three mortgage banks, three savings and loan banks, and two liquid assets banks.

Savings And Support For Agriculture On The Rise

In spite of the strong tendency in the Venezuelan market to acquire foreign currency, there is a trend in the population towards increasing savings in local currency.

Savings deposits reached 7 trillion 410 billion Bs.(22.95% of all deposits);current account deposits with no interest return were as high as 8 trillion 294 billion Bs. and remunerated current accounts added up to 8 trillion 239 billion Bs., for a total of 16 trillion 533 billion Bs.(51.2% of deposits); term deposits were 6 trillion 878 billion (21.3% of the total), other obligations were 1 trillion 126 billion Bs. (3.49 %), and restricted deposits 325,352 million Bs.(1.01%).

In May, savings deposits grew by 72,055 million Bs.(0.98%),those in current accounts increased by 748,105 million (4. 74%) and term deposits by 303,767 million Bs. (4.62%).

Agriculture Financing

The monthly bulletin of the Banking Superintendency (Sudeban), reveals that total agricultural credits increased 10.8% for a total 1.6 trillion Bs.. This amount represents 14.76% of total loans until December 2003. This year, the government announced an ambitious cultivation plan that requires 4 trillion Bs. in financing, part from the banks and the rest from the ordinary budget and Petróleos de Venezuela. Additionally, micro-loan allocations totaled 336 billion Bs., 3% of the total credit balance as of December 31st last year.