Meeting of President Nicolás Maduro and Executive VP Delcy Rodríguez with entities of the banking and insurance sectors of the country. teleSUR
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00:00We don't need to value over the top, looking for a tendency of value in real economy, denoting
00:29a path of what this country should be economically and the currency this country should have
00:41in the future due to economic capacity.
00:48That's an economist concept that should be debated, understood, and also should be used
01:01to strengthen it with looking to the future, visualizing it in the next 20 or 30 years.
01:13Their resilience of a face, creating what still persists in Venezuela for a long time,
01:24I think modestly, in the scheme of war economy, which is a multi-currency system.
01:32Nobody should be ashamed because I've seen some partners of the left that are ashamed
01:41sometimes.
01:42It was a historical necessity in a moment of economic crisis.
01:50More than a necessity, it was a successful answer so that Venezuela could endure those
02:03difficult times and its recovery, a stabilization of its economy, and the emergence of a new
02:18economical model.
02:19So, it's a very important element.
02:26The public banking, private banking, Central Bank of Venezuela is the most important authority
02:36of the country.
02:37It has the responsibility of this system to continue to be strong and endure any crisis
02:47and get stronger from now on.
02:51What I can say as president and the biggest authority is that you can count with my support
03:00to keep drawing and building and strengthening the currency system that Venezuela has created
03:10that is going to be the one that is going to transcend in the years that are coming.
03:17We will never go back to the galleys, never, never going back, ever.
03:33Looking to the future, that allowed us to get over this crisis, because for a producer
03:51is important the price of his product.
04:05Inflation came as a phenomenon of this inflation disease called for you as Holland's economy
04:16disease.
04:18It was a Venezuelan disease for decades of the old economical model that we had, overrating
04:30the currency, lack of production.
04:40We were not only importing inflation, but several schemes were generating so that inflation
04:49keep existing as a reality in our economy that could not be controlled.
04:56Imagine yourselves an economy that cannot receive 99 percent of its incomes.
05:06What could happen with this change of currency?
05:11Inflation is reflexes.
05:14Like someone suffering from hypertension and starts eating grease and never eats the pills,
05:25have the pills.
05:26He doesn't have money and eats a lot.
05:28Why can't you expect blood pressure of 200?
05:37What could we expect?
05:40What happened in 2019?
05:43I talk to everybody with people calling me from abroad.
05:49I never most of the time reveal who I talk to, and I explain this phenomenon in the visits
05:58I've done lately.
06:00I explain this phenomenon to presidents that should not be aware of these details of the
06:08Venezuelan situation, and I tell them, we in 2019 marked an annual inflation of 344,000
06:21percent.
06:22February 2019, the year of parallel power, parallel president, prosecution parallel,
06:34central bank parallel.
06:36We had a central bank in New York.
06:39The year of parallel power was the worst year in any sense.
06:46That year, due to the crisis caused by sanctions, a million people emigrated from Venezuela,
06:59million people.
07:07In all these years, those people migrated due to economical obligations.
07:19This is what is called a liberation for pressures that Venezuela had internally in all these
07:29years.
07:30It has been said that 2,500 Venezuelans migrated.
07:42Practically, a million, 2,000 came back, returned to get their lives back.
07:55It was an economic war, and I hope that with the entire recovery and the advance of the
08:06real economical growth and the achievement of the first elements of economic prosperity
08:13in upcoming years, that wound heals and everybody who wants to come back can return to this
08:24homeland, beautiful homeland that is Venezuela.
08:27It's going to be this way, you will see.
08:32Three hundred forty-four thousand percent, prices increased two or three times.
08:41I read that after the Second World War in Germany, they had a similar process.
08:48They started this process during the morning with teams of financial assessment and good
09:05advisors of young economical advisors, mornings and nights, comparing models and looking for
09:15options to analyze the actions that led us to establish a new system as the base to boost
09:30the economy and to start to overcome this hyperinflation.
09:43You know the processes already.
09:46Venezuela has achieved establishing a sustained growth of its real economy, of the GDP, of
10:0113 quarters.
10:08We have achieved 13 quarters of growth in our economy.
10:15The economical growth of this year reflects positively there are good expectations economically
10:28in society, in population, in economical factors.
10:34There is economic optimism as we see it and feel it for the businesses that have been
10:44carrying out the goals that have been achieved.
10:50There is a sustained growth in the economy.
10:55The Central Bank of Venezuela has announced its official communique that established a
11:09stable growth of 8.58% in our GDP in the economy that produces goods and services.
11:26We are not talking about a growth of the papers.
11:40We are not talking about before knowing the volume of oil exported that is growing and
11:48is going to grow even more.
11:51We're not talking about oil of 100 and 120 with 3 million barrels.
12:02And when the Central Bank says, I learned all this from Chavez debating with the ministers,
12:12and the Central Bank measured volume of oil and price, the economical growth was several
12:24tons and something was exported.
12:26And this year we produced more oil, sell it more expensive, and the real economy, the
12:34economy that produces potato, milk, rice, shoes, clothes, the economy that produces
12:44houses, buildings, roads, what about that economy?
12:50Today we can say that that concern I saw in some faces, that equation, we're solving
13:05it through practical work.
13:08There are a lot of things that are left still to do, but what's important today, we know
13:15what we have to do, and we're doing it, and nothing is going to stop us to keep building
13:23a new economic model in the future.
13:30Growth, look at how the quarter was, which shows a tendency asset to the president of
13:41the Central Bank, that estimations of the Central Bank, which are good for the annual
13:46growth, so Paul said that we're going to growth by 5 percent, we're going to get over them
13:57this year, and the Monetary Fund said we're going to grow 4 percent, which is good.
14:03Who said it's bad has said it's good, but what I said to the Monetary Fund and the CEPOL
14:09is that it's going to be even better, and I told to the president of the Central Bank
14:14in the year, I whispered to him that I believe it's going to be even more.
14:20They are estimating growth in the economy by 2024 of some 8 percent, the magical number
14:29of the economy this year is 8, I think it's going to be even more, but look how the quarter
14:37explains that during the first quarter we growth 8.4 and during the second one 8.78,
14:46we could say a little bit more, but in the second semester, where there is more consumption,
14:55more economic activity, perspective is that it's going to be better.
15:03In the same way, regarding inflation, in 2024, we can say quietly with mental peace,
15:15we have defeated hyperinflation, and this year we're going to have, like in the months
15:21of June and July, we have the lowest inflation in decades, inflation in June was the lowest
15:29in 30 years, the one in July was the lowest in 39 years, and this in difficult political
15:39times because, well, they came with those sanctions, we need to work beyond those people,
15:53they can keep their sanctions, we keep our solutions, because we are free and independent
16:04economically or we are it, we don't have any other option, growing or not being, our only
16:12option is be and doing and solving and building, this country belongs to everybody, not only
16:21to Maduro or Calisto or Villegas, this country is ours, of all of us, and we all have the
16:33right to growth and prosperity in life.
16:41We show the right to future for all the Venezuelan people, but mainly children, the ones that
16:52are being born and the ones that are growing, the beautiful youth, for them we're doing
16:58this and we all need to have conscious of the commitment we have with this generation,
17:06the dreams of a country where those children can grow up and educate and have a society
17:15with peace and good values and opportunities.
17:19They wanted to steal the right to have opportunities in our land and the right to have a future,
17:26but we didn't allow it and we won't allow it, so these numbers, as we were talking,
17:35Carlos is laughing because he knows what we were talking about, these numbers are in
17:41the middle of the electoral dispute, a month ago they tried to burn Venezuela, it was a
17:52Monday right, I was here, this time they wanted to attack Miraflores, right now at this time
18:05with a group of 300 criminals, criminals were hired, most of the ones arrested had a drug
18:20in their blood and they tried to attack Miraflores, you can go through the square and also here
18:37almost always, here across the street from Santa Capilla, which was a larger group, at
18:49this time I was here, and then on Tuesday you know what happened, luckily the immense
19:00majority were identified since they posted videos on TikTok, they were live on TikTok,
19:15on Tuesday I moved to Miraflores as a symbol of democracy and peace, being here I showed
19:29you my phone, bring me my phone, you can connect, do you have TikTok, you see TikTok, you get
19:42into TikTok in your account right here, here there are, we are live, and then you see here
20:00the accounts, here you see the people's account, here is the account of Dr. Viter, here it is,
20:19and instead of showing up here Dr. Viter from every 10 accounts, there were 8 showing live
20:31violence in all of the municipalities of Venezuela, in the Olearis Square, there was an account
20:41of some actor in Venezuela who lives in Miami who was broadcasting live and putting his
20:51voice into the live and was describing all of that, what they wanted to do, they were
21:00transmitting live, and then those images and the modern equipment our scientific police
21:08had we could identify all of these people and they are facing justice right now, in
21:19the world they are called political, they are political prisoners, but what a way to
21:30do policy, burning a hospital, and look how our economy behaved, practically we didn't
21:37have problems, I can almost say it, we were in coordination with agricultural producers
21:47and markets, the municipal markets, popular markets, and practically on Thursday of that
21:56week, August 1st, we could supply the whole distribution system of the country, that shows
22:09how strong is our economy, and political dispute cannot be moved into the battlefield, economy
22:21is not a battlefield of ideology and parties and politics, economy is in the field, it
22:33must be, in the field of work, effort, production, and building a future, that's a detail the
22:45central bank has to take into account, the capacity to endure moments of difficulties,
22:57political difficulties, hyperinflation has been defeated, and we have very good news
23:06of controlling that phenomenon, in the same way we have to say something very important,
23:13today we have an internal market that is very strong, if during the first semester
23:22our economy grew 8.58%, the internal consumption of the country grew 8.99%, exact estimations,
23:40I asked the president of the central bank, I could say it grew 9% and he said not, it
23:48was 8.99% the internal consumption, we learned that early, and I think that in economy we
23:58need to educate people in the matter of new economy, and internal market strong, shows
24:10that there is buying capacity in our society, and this in spite of the difficulties we have,
24:21we need to make better the wages of workers, we have created a system of production and
24:30incomes and social protection that causes millions of men and women of this country
24:36have access to basic elements for consumption, we have a strong market for the capacity of
24:46buying and consuming that we have established, but it is stable due to the production capacity,
24:56we have achieved a percentage that we have never seen, we can mention 97% of capacity,
25:09a national production and a complimentary percentage of imports, do you think this is
25:22something incredible, that imports now are part of the economical natural process, if I want to
25:32import phones, we don't produce cell phones here, just a little bit, do we produce phones,
25:50yes we do, this was a gift of Xi Jinping, president of China, if you want, like today in Venezuela,
26:01a friend came from Brazil, said that he went to the municipal markets, do you remember,
26:09and he went to big malls, and stores in the street, and compared products and brands,
26:20and quality and price, and he told me, we have better products here, and better prices,
26:29that in the whole Brazil, and this is a man who travels the world, he told this to me eight
26:35months ago, more efforts, more quality, and better prices, but now it doesn't depend on
26:45that, I don't even know if it's still present, now if you have an economic activity sustained
27:01in selling import products, you can get your money, import it, and sell it, and recover your
27:12investment, this should be strengthened with a process of substituting imports to strengthen
27:24our currency, and the way you produce the phone here, and sell it with the same quality,
27:31those dollars don't go outside, so the pressure on foreign currency is less, so we have an internal
27:50market which is strong, and internal consumption that shows that we have growing income in
28:00Venezuelan families, and also we have an offer of multiple quality products with competitive
28:10prices, even in this season, President of the Central Bank, I've seen reappear,
28:20an important store chain offers something that I haven't seen in a long time, 50% discount,
28:3680% discount, I've never seen that in a long time, the malls, big stores, and when I was
28:51traveling the whole country, several cities, I saw it, you saw it, David Vincent saw it also,
29:03the growing showing of prices in our currency system, the economy of war that we have to
29:21declare due to this crisis and ascension, these are phenomena that we have to be aware of,
29:29good things to strengthen our currency, because it's a lie that the way to build a new economy is
29:40just roses, no it's not, it's creating and building on a daily basis, and the way of creating that new
29:52economy is talking to all of the people involved in economy, dialogue is hearing each other, and you
30:03the economical actors, in this case of the financial banking sector, and the social security, and the
30:26stock market of Caracas, recreation, and you might know it, this man that is sitting here, history placed him
30:37here, he never aspired to this position, knows the mission he needs to achieve, you might know, economical
30:47actors of this country, that you count with all my support to develop Venezuela's economy, and I am aware of all of
31:03the economic tendencies, and I know that Venezuela has took the right path to build a new economy, and I am absolutely
31:19sure that in the years coming, during the 2030, Venezuela is going to surprise South America, and we'll do it ourself with our own
31:36technology, our own mechanisms, we will surprise the whole world, I'll see you in 2030, and you'll see, we see each other before to keep
31:51talking, in the same way they'll see the whole issue of recovering investments, I must say also an important information, during the first
32:06semester, investment in the country, nationally and internationally, shows a growth of 16%, practically has doubled the GDP, you who are experts
32:23could explain this better, but only with simple common sense, we have doubled our investments nationally and internationally, the growth of our GDP, what shows,
32:40will trust in our economy, because nobody invests in an economy that will not provide earnings to them, it's an important data of current economic
33:03effects. The Vice President brought some ideas, proposals and actions, we need to move forward to a process of democratizing our capital, access to credit and financial
33:23services, processes to create a national richness, the banking sector has growth during the first semester, this is good information, the banking sector has growth 21%, financial health has a republic, banking health and currency health,
33:50this is, these are three key elements to say that if we perfect our politics, make bigger financial finances, we can build important circles of production of richness in our country.
34:19And keep turning money, translate it into your earnings, turn it into GDP to establish a stronger economy.
34:37Venezuela has a call of new world geopolitics, but not only that, because we live in a multipolar world, we have a new geo-economy in the world, there is a new global economy,
35:00today the political powers are not where they were before, and this is a tendency that is not going back in the history of economy, of humanity.
35:17This is an irreversible tendency, and Venezuela is oriented since several years, but we are heading now to the BRICS, technology with the BRICS, capital with the BRICS, partners with the BRICS,
35:42BRICS are no longer an option, because they are the future. Without undermining other sectors, I've told to the US people that are always here,
36:07this is part of the conversations I have with economic actors of the United States, I always say, the United States is going to be there their whole life, not even with AI, we can move the United States.
36:26And no matter what happens to the United States in the upcoming years, in spite that they have declined the process, it's always going to be a powerhouse.
36:41South America and Venezuela, we are going to be here, we are not going to move and end up there in Africa, India, Asia, the new world, over there. We are forced to respect each other and understand each other and build ways together among independent states and independent countries.
37:09Honey, they want their country to be great again, we also want our country to be great again and strong. And honestly, this country that has 30 million inhabitants has a right to life, future, to growth, to happiness, to prosperity. We have rights, true?
37:32That was during the 15th, 16th, 18th century, even the 20th century. Well, there was geopolitical determination, the ones who rule and the ones who obey, who rule the European empires in the 21st century, who rules Washington, who said that, where is that written?
38:02Historical determinism, the ones who rule, why? I don't share that opinion. This man who's here, Simon Bolivar, if he would have been ignorant, we wouldn't exist.
38:28Maybe we would have been slaves. This man determined an important inflection point for the future, our great Simon Bolivar. So, let's think of the world in a different way and assume our commitments.
38:58And our responsibilities, because it has been proven that another world, a better world, and different can be achieved.
39:12And that new world, different, needs to start by consolidating our own economy, independent economy that generates wealth in our country.
39:27Mrs. Vice President, please. Thank you, President. Well, first, I want to greet our representatives of the public bank, the stock market that are joining us here today in this meeting.
39:43And we're through the National Economy Council, we established that. In this case, you have approved some actions, some with greater impact or small impact, but contents with a sector.
40:00One of these has to do with a secure sector. We approved a reform, a law for Social Security, and it's been subscribed, this ruling, to vitalize the content of this law, which were solicited of this association, banking association.
40:27And there's good news. We talk about a secure sector with banking, which can allow us to move on for the benefit of Venezuelan people.
40:40Another has to do with regulations that benefit the national security over the international security.
40:47One of the most important aspects has to do with reserves of secures to invest in the stock market.
40:57With the stock market, we have had a lot of work, because it's a sector where we can do a lot still as a financial mechanism, so that Venezuela has a strong stock market.
41:12Then, good news is that next week, the Ministry of Economy and Finance can offer investment tools, not only in a general level, but also to the banking sector.
41:31Those instruments, those tools, are going to be very well welcomed.
41:35Another news has to do with withdrawal of the bills that we used before, and also the implementation of digital media to receive internal tribute, which will allow that our banking has more connectivity in this sector.
41:57Then, we have good news communicated by the Central Bank of Venezuela.
42:02We have worked with a banking association, which is the implementation of an interbanking currency market amongst banks, automatized, which will allow connection with this automatized system to participate in the exchanging market.
42:22Then, sometimes we have antecedents, some banks can't sell to others, but this will allow communication, and this implementation will be very well welcomed.
42:34Then, also we are going to do some upgrading banking with our currency, and we definitely, as Venezuelans, want to strengthen our monetary sovereignty.
42:53Of course, look, these are real processes that you can do by decrees.
42:59You can issue a decree eliminating a foreign currency.
43:13The real economy is the real economy, and the world is moving on to a multi-monetary system.
43:23The system that is going to be part of the future is going to be a multi-currency system with the currencies that we already know, yuan, euro, dollars, rupiahs of India.
43:46And the systems that are going to be created are multi-currency.
43:55And let's not talk about cryptocurrencies.
44:00We started that way, and we need to get it back because it was destroyed by several criminals, but we're taking it back.
44:11The other time, someone very close to me, two years ago in 2022, taking a taxi, was going to pay for the taxi, and the driver said, what currency do you want to pay in?
44:32And he had cryptocurrency, dollar, euro, and bolivar, and that person chose the currency that he wanted to pay in.
44:44And I thought, well, what happens to this person, I think the world of the future is going to be like that.
44:53And when that world arrives, the existence of national currency is not going to be denied.
45:04I show this for studying and perfect our currency system, our financial system, for strengthening our currency that would be proportional to strengthen our productive apparatus, our economy, just that simple.
45:27And it's going to be respected when we get into BRICS, and we will be in the multi-currency system of the BRICS.
45:39And we had our currency supported with the truth of the country.
45:45We have news, one for you and one for the bank.
45:49We're going to have discount in the legal market.
45:55And the most important news for you.
46:00President has asked for more than $300,000 financing for entrepreneurs' movement, and we have asked for banking support to establish this.
46:16How much time do we need to establish this system for entrepreneurs?
46:25Look, it's ready. This is how we respond.
46:31But I can say to entrepreneurs, all the people who dream with this, entrepreneurship is the most beautiful word we have in Venezuela.
46:47Because entrepreneurs are the ones that generate power, richness, and wealth.
46:54They are the ones who make life better.
47:03As more entrepreneurs have the country, Venezuela will have grantees of a strong market and a strong productive system.
47:14And also with something that is key, because entrepreneurship comes and creates a product.
47:26Second, it creates jobs.
47:33It has an important manager.
47:38Small and medium enterprises, we all talk about them.
47:47These small and medium enterprises, it's important to support them.
47:52Today, the entrepreneurship phenomenon that generates products and jobs, and in the case of Venezuela, generates incomes bigger than the ones that the state can provide.
48:15So it's very good news.
48:19The demand that I've done to the private banking adds $300,000 for entrepreneurs.
48:38More, a million that we're going to provide.
48:42There's this system that you want a grant to.
48:51Let's make it work.
48:53Today, with technology, it's easier.
48:56But I put my work, my body, and my being for entrepreneurs, which are the ones who pay the best.
49:12And amongst entrepreneurs, you cannot find someone who doesn't pay.
49:19The lowest paying time doesn't reach 1%.
49:28So money, the best invested is with entrepreneurs of the country.
49:36This is a beautiful encounter.
49:39Let's continue dialoguing with an understanding.
49:45August is ending.
49:47September is coming.
49:49October, and November, and December.
49:52True?
49:58Christmas is coming.
50:00It smells like Christmas.
50:04Well, we will have good news for Christmas.
50:09From now, I wish you success, and a 2024 economical year ends up very well.
50:19We listened to the president of Venezuela, Nicolás Maduro, and the vice president of the Republic, Del C. Rodríguez,
50:27in this important work meeting with representatives of the National Bank of the Stock Market and Secure Stock.
50:36The head of state said that.