July 12 2016
Venezuela’s President Nicolas Maduro speaks during a Council of Ministers meeting at Miraflores Palace in Caracas, Venezuela July 11, 2016. | Photo: Reuters
“Do you think they’re going to stop us with a financial blockade? No, gentlemen. No one stops Venezuela,” said President Nicolas Maduro.
Venezuela’s President Nicolas Maduro said on Monday that Citibank NA C.UL, planned to shut his government’s foreign currency accounts within a month, denouncing the move by one of its main foreign financial intermediaries as part of a “blockade.”
With no warning
“With no warning, Citibank says that in 30 days it will close the Central Bank and the Bank of Venezuela’s accounts,” Maduro said in a speech, adding that the government used the U.S. bank for transactions in the United States and globally.
“Do you think they’re going to stop us with a financial blockade? No, gentlemen. No one stops Venezuela.”
Reuters could not reach Citibank for comment about the purported measure against Venezuela’s monetary authority and the Bank of Venezuela which is the biggest state retail bank.
With the OPEC nation’s economy immersed in crisis, various foreign companies have been pulling out or reducing operations.
Due to strict currency controls in place since 2003, the government relies on Citibank for foreign currency transactions.