1/16/2008

A pending banking law would force Venezuelan lenders to steer more money to growth industries and away from consumers, said a lawmaker who helped write it. Venezuelan President Hugo Chavez will probably issue a decree with the new banking regulations within three months, said Rafic Souki, a member of the ruling coalition. "The idea is to direct credit to stimulate housing development, to agricultural lending and to tourism industries," Souki said. "Venezuelan banks now fundamentally provide financing for consumption."

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