Maduro asked BCV to reduce by 5 percentage points the legal reserve

The President of the Republic, Nicolas Maduro announced that, in order to finance the agricultural development of the country in the remainder of the year, has requested the Central Bank of Venezuela the reduction of 5 percentage points of legal reserve to go from 21.5 to 16.5.
From Cojedes state where this Thursday he activated the National Sowing Plan 2016, he said that this initiative aims to use the State’s resources to invest in the agricultural and industrial development of Venezuela under the Economic Emergency Decree.
The legal reserve is an instrument of monetary policy used by central banks which contributes to achieve their inflation and money creation goals in the economy.
Since last March 2014, the BCV does not adjust the percentage of legal reserve.