Venezuela ap­proves new bank law

The Pak Banker - - Company& -

CARA­CAS: Venezue­lan law­mak­ers have ap­proved a bill that clas­si­fies banks as pub­lic util­i­ties. The move will make it eas­ier for the state to seize and na­tion­al­ize pri­vate banks.

The bill also forces banks to give 5% of their earn­ings to govern­ment so­cial-wel­fare projects.

Banks are also re­quired to set up a fund worth 10% of their cap­i­tal to pay for wages and pen­sions in case of bank­ruptcy. -PB News

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