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.

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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.