Page:Constitution of the Bolivarian republic of Venezuela.djvu/112

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mulating and implementing monetary policy, participating in the design of and implementing foreign exchange policy, currency regulation, credit and interest rate, administrating international reserves and any others established by law.

Article 319: The Venezuelan Central Bank shall be governed by the principle of public responsibility, to which end it shall render an accounting of its actions, goals and the results of its policies to the National Assembly, in accordance with law.

It shall also issue periodic reports on the behavior of the country's macroeconomic variables and on any other matters concerning which reports may be requested, including sufficient analysis to permit its evaluation. Failure to meet the objective and goals, without justifiable cause shall result in removal of the Board of Directors and imposition of administrative penalties, in accordance with law.

The Venezuelan Central Bank shall be subject to oversight after the fact by the Office of the General Comptroller of the Republic and inspection and supervision by the public entity that supervises banking, which shall send to the National Assembly reports on the inspections it conducts. The budget of operating expenses of the Venezuelan Central Bank shall require discussion and approval by the National Assembly, and its accounts and balance sheets shall be subjected to independent audits on such terms as may be established by law.

Section Four: Macroeconomic Coordination

Article 320: The State shall promote and defend economic stability, prevent the vulnerability of the economy and see to monetary and price stability, in order to ensure the welfare of society.

The ministry responsible for finance and the Venezuelan Central Bank shall contribute to the harmony between fiscal and monetary policy, thereby facilitating the attainment of macroeconomic objectives. In performing its functions, the Central Bank of Venezuela shall not be subject to directives from the National Executive and shall not be permitted to endorse or finance deficit fiscal policies.