Central Bank of Venezuela and Bank of Spain sign cooperation memorandum

The Central Bank of Venezuela (BCV) and the Bank of Spain (BdE) have signed a memorandum of understanding to pursue technical cooperation. The agreement, signed during the annual meeting of the International Monetary Fund and the World Bank in Bangkok, aims to explore projects involving automation, innovation, and data management.

The partnership focuses on strengthening economic statistics and promoting artificial intelligence initiatives. While the memorandum establishes a foundation for future collaboration and the development of an action plan, the Bank of Spain clarified that it does not constitute a closed program for information exchange. The specific scope of cooperation regarding official central bank statistics will be defined through coordinated efforts between both institutions.

The BCV intends to align this action plan with its existing initiatives involving other international organizations to ensure synergy and avoid duplication of efforts. The Bank of Spain has not confirmed any specific commitment to exchange sensitive information regarding monetary policy, inflation, or Venezuela’s balance of payments.