Regulator: Loans up 85.2% in June

Total lending in the Venezuelan financial system grew 85.2% to 14.4tn bolívares (US$7.5bn) in June this year compared to the same month 2003, according to statistics from the banking regulator Sudeban. Lending to micro-sized enterprises in Venezuela grew 346.9% to 397.5bn bolívares in June this year compared to the same month 2003, the Sudeban report said. The increase represents a 58.9% jump compared to December 2003 and an 18.9% increase compared to May 2004, a statement from the office of the government said. Loans to the agricultural sector rose 90.9% to 1.8tn bolívares in June 2004 compared to the same month last year. The increase in lending to the agricultural sector was 29.5% higher compared to December 2003 and 11.9% higher than May 2004, the statement said.