After four years without releasing information, the Banco Central de Venezuela (Venezuelan Central Bank, BCV) published financial figures and indicators that provide an accounting of the level of deterioration that affects the Venezuelan economy, and the exacerbation of the crisis during Nicolás Maduro’s period.
Among the guiding principles of the right to access public information that all information held by the state must be public and accessible, which makes BCV’s actions during the last four years reveal a systematic breach of this right. The Constitución de la República Bolivariana de Venezuela (Bolivarian Venezuelan Republic Constitution, CRBV) establishes, in its article number 319, the obligation of the state to be accountable and to issue periodic reports about the macroeconomic indicators of the country.
“The BCV shall guide itself by the principle of public accountability, therefore it will inform of any actions, goals, and results of its policy to the Asamblea Nacional (National Assembly, AN), as requested by the rule of law. BCV will also present periodic reports about the variables of the macroeconomies of the country, and other issues that could be requested and shall include the analysis that will allow a proper evaluation. Non compliance, without reasonable cause, will cause the removal of the board accompanied by administrative sanctions, in accordance with the law.”1
Last year, Espacio Público (Public Space) sent four petitions of information to BCV, all of them referring to the Implementation of the new monetary system. Even though the BCV accepted them, it did not answer any of them. The policy of opacity in the management of these figures denies Venezuelans the possibility of access to other rights because there is a direct correlation between the access to public information and the capacity to claim improvement or demand remedies in other political spheres.
Its BCV’s duty to publish, during the first 10 days of the month, the main economic indicators regarding inflation, scarcity, Gross Domestic Product, amongst others; as mandated by article 4 of the Normas que Regulan el Índice Nacional de Precios al Consumidor (National Indicator of Prices for Consumers, INPC), enacted in 2008 by the BCV itself. Following these rules and regulations would allow Venezuelans to review indicators, which would contribute to a better analysis of the current economic and social reality of Venezuela.
The policy of concealment not only counters the basic rules of any democratic system – transparency and accountability being especially relevant as noted in the Constitución’s article 141 – but also greatly obstructs any economic activity. The lack of official information only reproduces uncertainty and worsens the decision-making process in both government and private business, according to Principios Fundamentales de las Estadísticas Oficiales de Naciones Unidas, and the Normas Especiales para la Divulgación de Datos del Fondo Monetario Internacional, both international agreements that were subscribed to by Venezuela.
In regards to the untimely publishing of these figures, at Espacio Publico, we reiterate our demand of the periodic publishing of the data related to inflation, scarcity, and the whole of the macroeconomic variables established by the rules of law and that, in the context of this complex humanitarian emergency are so necessary to guide decision making in the long term.
Espacio Publico reiterates that restricting access to public information and the lack of expedient information violate the obligations described in articles 19 and 25 of Pacto Internacional de Derechos Civiles y Políticos (International Pact of Civil and Political Rights), and, ultimately, violate the human rights of the citizenry. It is the responsibility of the BCV Directory to guarantee the timely, clear, and accurate dissemination of the main economic indicators of the country, since it is a mandatory action to fulfill the mandate of this department; otherwise, the law establishes a mechanism to relieve it’s board of its duties by the appropriate authorities.
1 Article 319 of the Constitution of the Bolivarian Republic of Venezuela
Espacio Público is a civil society organization, non-profit, non-governmental, independent and autonomous of political parties, religious institutions, international organizations or any government, whose purpose is the promotion and defense of human rights, especially freedom of expression; the right to information and social responsibility in social media.
