#BCVleaks: Central Bank employees air the dirty laundry


Not good enough for Monopoly…

Nelson Merentes, the President of the Central Bank of Venezuela (“BCV”), seems to have a bit of a soft mutiny in the ranks.

A group from the bank’s technical staff has been leaking information to the media on the mismanagement of the institution, including the craziest bit of news this week: the one about the Central Bank printing presses being on overdrive to keep up with Venezuela’s gobsmacking inflation.

Last Saturday, La Patilla published a letter signed by “the Technical Officers (“Técnicos”) of the BCV,” where they expose the crappy conditions they have to endure in their workplace.

For example, they complain about their salaries being swallowed up by inflation:

…This year, with an estimated inflation of 140,0%, a 50% raise is not sufficient. This is destroying any incentives to work at an institution that used to be recognized for its excellence.

And these guys do have the numbers:

…Additionally, we are demoralized by the fact that numbers and relevant data of the national economy are not being published. Which, in fact, is a legal obligation of the BCV Board. Moreover, we have to endure insults from the directors, and consultants of the President and Vicepresident, who are ignorant and essentially illiterate in matters of economics and finance.

Statisticians are under the magnifying glass:

Their communications are being controlled, emails tampered with, and phones tapped.

Nepotism rules the day:

Relatives of PSUV leaders have been placed in key posts without having the required credentials, nor a career in the institution. An example of this: the sisters of Aristóbulo Istúriz and José Vielma Mora (prominent chavistas and governors affiliated to the ruling party).

And… Nelson Merentes:

..who manages a parallel budget for social aid and uses it for political means.

This is nothing new, of course. Anyone who has had regular contact with the public administration lately, knows that mid-level officials are more qualified than their bosses, and are currently humiliated and pissed off. What comes next is obvious: a witch hunt to go after these guys.

The thing is, if your salary is no better than what you would get selling cakes in the street or simply standing in line for hours, well, you might get to the point where you just don’t give a crap about your job anymore.

58 thoughts on “#BCVleaks: Central Bank employees air the dirty laundry

  1. One thing that we must have clear in our minds is that most public servants are not willing stooges or dupes or sympathizers of the govt, instead they are for the most part incensed against its abuses and corruption and just dont show it because they need to feed their families and avoid retaliations. Even former followers of Chavez feel embarrassed and apologetic about the things which are being done where they work. If you meet them their body language and circunloquious language lets you know how unhappy they are with what they are forced to do as employees. Most people in the lower rungs of govt service are not corrupt , they have to go along because their bosses ‘own the place’ and can harm them if they dont do what they are told. The idea that to a man they are happy collaborators in the misdeeds of their bosses is preposterous if you have any contact with them , be it personal or in official meetings .

    Dissatisfaction is as rife inside the whale as it is outside except that the former cant be open about it . This news about BCV leakages is proof of that .


    • The good public employees are often trapped.

      A close relative of mine is a mechanic who works on buses. He used to work for the local city transport agency but it was taken over by the national government by Chavez in the mid 2000s (can’t remember exactly when). Since then, it has gone to complete and utter sh*t. Under the new boss, he has had to go to all pro-regime rallies (where his name would be checked off)*. In 2010 his boss warned him that they heard his son was a student protester and said he had better be careful because he could lose his job if that’s true. He was also told informally that they can see who he voted for if they wanted to. He also has to deal with fellow employees who never show up to work and just receive a paycheck, often they are somehow connected to local PSUV figures but not always. Routine maintenance on buses is often ignored and people just don’t care. They rarely have parts and often have to jerry rig things that only last a few days or so.

      It’s a terrible situation. He’s late in his middle ages and doesn’t think he can handle emigration at his age (two of his three kids have left already), and he has a pension coming to him so he also feels like he can’t leave. He and a friend took up being a taxi driver a few years back but after two carjackings they stopped that.

      *In the last year or so, he said his boss no longer makes him and his coworkers go to rallies, and just checks their name off. Apparently even he has had enough of this regime.


    • The worst part is not the fact that you can get fired, is that you can get a visit fron the SEBIN Inquisitors and thrown to jail if you “get uppity”.


  2. The employees are unhappy but not so unhappy or perhaps foolhardy to release GDP or other economic numbers re the economy. An inflation adjuster for their salaries would salve their anger, I would guess.


        • Hace unos días en La Patilla uno podía encontrar, según usted, un “grotesquely disfigured simulacrum of a public sphere” pero hoy ya tienen noticias que merece la pena comentar en este blog… creo que no necesito añadir ningún comentario más ¿no?


          • Pero Bueno Ramon, Ud. como que no lee los comentarios en LaPatilla despues de cualquier articulo? Basta que una persona le lleve la contraria a la “esfera opositora” para que le caigan con 400 insultos en 30 segundos. O sea, la esfera publica Venezolana. Igual sucede en aporrea.

            Si el reporte de los tecnicos del BCV apareciera en el NYTimes, tendria menos valor? Mas valor?

            La Patilla nunca ha dejado de ser lo que siempre ha sido. Un aglutinador de noticias redactadas en otros lados y un presentador de chicas en bikinis y “noticias” como las diez mejores posiciones sexuales cuando le haces el amor a una Tortuga de Galapagos.

            Y si, yo tambien leo la Patilla ademas de sitios “mas serios”.

            Es que uno nunca sabe cuando le sale viaje pa las Galapagos……..

            Liked by 1 person

            • En realidad los comentarios de los noticiero digitalences y los aporreados, es decir, los que sólo insultan, no tienen más valor ni trascendencia que cualquier mentira que digan los enchufados hoy en día.

              Cuando dijeron que la patilla era una “versión deformada de la esfera pública”, se estaba dando a entender que es una especie de “contra-pusvtv”, o una “globovisión histérica ultra derechista”, que inventa cualquier mojón para perjudicar al chavismo, cuando no hace falta usar un telescopio para ver cada cagada que el chsvismo pone por segundo en estos días.

              Basta con leerse cualquier cantidad de artículos de aporrea para ver que sigue siendo otro reducto más de hegemoncorp, diciendo las mismas estupideces de siempre, que todas pueden resumirse en “shiabbe es más arrecho que dios porque fue perfecto e infalible en todo, y todos los que nos caigan mal son ultraderechistas drogadictos putas y maricos y tienen la culpa de todo”, lo cual es el típico sesgo chavista de las noticias.

              Una muestra del ridículo sesgo rojo es como la más reciente donde ahora resulta que el secuestrador protegido por la loca fosforito que asesinó a Adriana Urquiola ahora era un guarimbero de la ultraderecha que formaba parte de una conspiración para hacer quedar mal al gobierno y que es culpa todo de LL, pero oye, cuando maburro dice eso, no se está politizando el asesinato y usando a la mujer como un arma política, pero si alguien se atreve a decir la verdad, que el hijo de perra ese era un chavista energúmeno que agarró a la gente a tiros porque le dió la gana, entonces se está politizando y es un sesgo fascista, pfff.

              Creo también que se reduce la cosa a que el articulista que dijo que la patilla es la contra pusvtv no es el mismo que escribe el presente artículo.


              • Yes, but the forums are just as bad as ND or La Patilla. One hint you are not with the “revolution” and the insults begin to fly

                Liked by 1 person

        • bueno muchachos, can we get everyone to agree that it’s definitely not going to be 2 digits? :^)


      • Forecast beginning of 2015, Francisco is right , lowball figure .!! Is inflation beyond predictable ??


        • Beyond Predictable is a good way to put it.

          The Macro literature is littered with references to non-linear processes marking the shift from persistent high-inflation to hyperinflation. That’s a polite way of saying “not really predictable” – positive feedback loops can take hold in ways that just aren’t fully accountably by initial conditions.

          So yes, the timing of the actual onset of an inflationary process essentially Beyond Predictable.


          • And having that amount of uncertainty that surrounds this issue adds even more fuel to the consequence that’s the inflation.


  3. What about leaking the inflation numbers for the first five months of the year instead of whining about loosing the low-calory lunch option? In what way is Venezuela indebted to those BCV tecnicos? Why should we feel empathy for them? I get they might not be able to do much, but at least do a little. Give me something first, then, maybe, think about asking for solidarity for your diminishing real wage (it is not as if the rest of the country is doing better, you know?). It is weard that they talk about inflation as if it were a concept completely foreign to their job, C´mon! Do something, or stop whining. Sorry, but I found the supossed “press release” to be pathetic.

    Liked by 2 people

    • The only explanation that I find to this prominently leak-nothing comuniqué, is that it was written by employees with no access whatsoever to privileged info and no clue on the nature of the macro shitstorm we are in the middle of.


      • Truth is, I agree with you. This is pretty much domestic whining. I’d like to think that La Patilla (yes, perhaps I might be giving them waaaaay too much credit) is massaging the source. After all, last week they leaked the bit about the BCV’s printing presses being maxed out. Which may not have been a SECRET but at least got the conversation on the Sobremesa. Let’s wait this one out.

        Liked by 1 person

  4. The word in DT is that their rate has been relatively stable lately, despite weekly increases in inflation/declines in international reserves, because new local currency (Bs. 100 bills) printing/availability has been relatively lower than before, due mainly to overseas suppliers not supplying until they’re paid for past services. Also, it would be interesting to know if there is ANY gold in the BCV vault, since, as I’ve stated here before, of the 25 or so armored trucks which Chavez used for transport from Maiquetia, only 4 actually carried any gold, and this had disappeared from the BCV vault some months later, presumably sent by Chavez to Cuba as a contingency against his possible death, which gold was claimed some months ago by NM (Nelson Bocaranda, dixit) from Raul Castro, who told him it had already been used for payment of Cuban “services” to Venezuela. I’m sure this maybe few $bill. of gold continues to be computed in Venezuela’s intl. reserves, as is the gold “loaned” to international banks against future payment.


  5. La inflasion ‘ta bulda de alta. Y el suerdo bien bajo. Pol eso hay que bachaquial.


  6. “Ha habido un deterioro del salario real de quienes laboramos en el BCV. Durante 2014 y lo que va de 2015, con una inflación galopante, los aumentos de salarios que han aplicado las autoridades se han traducido en una declinación de nuestro poder adquisitivo. Este año con una inflación estimada de al menos 140,0% un aumento de 50,0% es absolutamente insuficiente. Ello está destruyendo los incentivos para trabajar en una institución que la caracterizó la excelencia.”

    How much do you figure is the average salary for an average BCV “professional” ? 3 “sueldos minimos”? Or whatever. Enough to buy 3 chickens, 5 diapers and a few perros calientes.

    So how do they pay rent, electricity, food, medical expenses, transportation, clothing, etc?

    And then people wonder why just about everyone, at all levels, every industry, public or “private” is corrupt, bribed, enchufado or complicit one way or another.


    • Cajero although I agree with you reagarding corruption, there are also many people who do have two jobs and work honestly seven days a week in order to survive. So is not “everyone”…


  7. Yo no tuve ningun problema en que el BCV publicara todos los datos economicos a cada rato:

    “El empleo subió 21% entre 1952 y 1956, medido según el índice de ocupación en el Área Metropolitana de Caracas llevado por el Banco Central de Venezuela. Mientras, la inflación más alta registrada durante el periodo ocurrió en 1956, con 1,4% de alza de los precios en todo el año. ”

    Leer más en: http://www.elmundo.com.ve/noticias/economia/banca/asi-se-movio-la-economia-en-el-gobierno-de-perez-j.aspx#ixzz3dFCWiCGP


    • “Según la División de Estadística de las Naciones Unidas en su Anuario Estadístico de 1964, el crecimiento de la economía venezolana de 1952 a 1958 fue el más alto del hemisferio occidental, por encima de potencias como Estados Unidos, y el Reino Unido.”

      Chupate esa mandarina!


      • Y también lo fué hasta los mediados de los 70s.

        Mucho crecimiento económico pero en materia de derechos y libertades estaba tan raspado como el muerto y ahora el imbécil y el narco.


        • Y tu que opinas de los derechos humanos y libertades de los 25,000 muertos por violencia ahora?

          veinty cinco mil muertos por año, sin contar el centenar de presos politicos, los manifestantes muertos y estudiantes muertos durante el Chavismo.

          Sin vaina qui mi Gobierno era un paraiso dorado de libertades y seguridad y progreso comparado a esta vaina!!


          • Chamo, qué pendejo! Cansas con tus comentarios sobre el dictador Pérez Jiménez. Por gente como tú eligieron al Chávez…porque querían a un nuevo Pérez Jiménez.
            Qué pretendes alcanzar con esta vaina? Ponte a jugar cualquier otra vaina.


        • Mediado de los 70?! Guisozuela se empezo a derrumbar APENAS despues que me tumbaron esos cadeticos sobre los cuales no quise disparar. Empezaron los bochinches immediatamente, y eso que lo que hubo en los ’60 tampoco era democracia, pura represion con Romulo, etc.

          La Petro-Kleptocracia en Guisozuela comenzo justo despues de mi en los ’60, y se convirtio en Mega-Narco-Petro Kleptocracia con el Chavismo.

          “Manifestó el historiador José Antonio Araujo que tras la partida de Pérez Jiménez, el país “se convirtió en una pesadilla porque esto ha sido una gran politiquería, el país ha retrocedido porque se ha descuidado mucho la acción principal del hombre que es el trabajo. A raíz de la salida de Pérez Jiménez esto ha sido como decía el General Francisco de Miranda, puro bochinche y bochinche”. Araujo alegó que otros presidentes han construido diversas obras, algunos concluyeron las infraestructuras que él ya había proyectado, “pero éstas fueron mochas porque les suprimieron el presupuesto, tal es el caso del puente sobre el Lago de Maracaibo, en el cual sólo se invirtió la mitad del dinero que había aprobado Pérez Jiménez”, a su juicio, “es imposible que con esa montaña de dólares que la ha ingresado a Venezuela en los últimos años no se haya hecho algo”.”



          • Blah-blah mi gobierno, blah-blah…

            Pura paja. Documéntate en una biblioteca y escribe un artículo contrastado convincente, en vez de repetir la estrategia chavizta de repetir como un loro pendejadas y cuentos de camino.

            La página del BCV aún conserva los datos de aquellas fechas, con eso lleva dólares de aquél entonces a los de hoy pa’ que te caigas de culo.


            • Además, a PJ no lo “tumbaron” como le gusta tanto repetir a la gente.

              En realidad la mayoría de los dictadores de Venezuela o se han muerto atornillados a la silla, o han salido corriendo porque eran unos cobardicas, el más reciente es el muerto, que primero juyó al ver la bailoterapia de las doñas sifris encopetadas del cafetal en 2002, y luego se murió en la isla putalaria por tratarse con los inútiles piratas cubiches.


              • La cleptocracia energúmena regaladora chupadólares comenzó con la nacionalización de la industria petrolera en mediados de los 70s, cuando el gobierno se apoderó de casi todos los dólares producto de la renta petrolera con el cuentico patriotero (Que realmente ha sido la mejor excusa para hacer todo en Venezuela, eso de la soberanía y esa paja)

                Sería bueno que se documentase también un poco en cómo fue que se gastaron esos verdes durante esa época, que no fue precisamente para crear algo duradero, que ahí fue cuando comenzó la maldición populista de querer comprar los votos de la gente en lugar de pegar dos piches neuronas y saber que crear unas condiciones de vida decentes para la gente les hubiese servido más a la larga.


  8. Employees of the Central Bank should unite, organize a union, and defend themselves as a unified group. Like the shipyard workers in Poland.

    Wait a minute….

    Liked by 1 person

  9. Lo único claro de la supuesta declaración de los trabajadores del BCV es que, si es cierta, son una pila de irresponsables, vendidos por un bozal de arepa.

    ¿Cuántos años no viene el BCV manejándose como una taguara que imprime billetes de monopolio para financiar la locura de gasto público? Años, el sistema de ayudas directas del chavizmo que no redujo en nada la pobreza estructural se basó justo en eso.

    ¿Cuánto tiempo tiene el BCV publicando chucutas las estadísticas? Años, éso no es de éste ni del pasado. El BCV modificó las metodologías de cálculo para el INPC para suavizarlo, eliminó factores, dejó de publicar cifras, y las viene maquillando desde hace mucho tiempo.

    ¿Desde hace cuánto tiempo no se necesita una modificación del cono monetario que permita a la gente manejar el dinero acorde a la inflación? Por lo menos desde hace 2-3 años que hacen falta los billetes de 200 y 500 y, hoy en día los de 1000, 2000 y 5000, y me atrevería a decir que los de 10K. Monedas? acaso se usan las monedas aún?, ni sirven para las máquinas expendedoras de los metros, porque están tan mal hechas que no las admite el calibre de las máquinas.

    Ahora que les quitaron el beneficio del seguro médico farmacéutico, que les quitaron el menú dietético (WTF?!) y su sueldo+beneficios no se ajusta a la inflación es que se van a dedicar a denunciar lo que todo mortal sabe en Venezuela, que el BCV no es independiente, se maneja como un abasto familiar y está cundido de nepotismo y amiguismos?

    Ahí lo que pasa, la verdad es que la realidad al fin les empieza a pegar. Y como va a ir ocurriendo en Venezuela, sólo cuando los actores sociales empiecen a ver afectados sus prebendas entonces es que van a reaccionar y a asumir que la Revolución fue un fiasco.

    Lo más cumbre, porque además el descaro es tan grande, es que denuncian que les quitan el menú dietético y sólo les sirven un único menú. Con gente que de vaina y come agua de arroz en este país, denunciar que tus condiciones laborales ahora son “inaceptables” porque te quitan el menú dietético o vegano es inmoral.

    Liked by 1 person

    • Todo comunista es comunista, hasta que le toca ser el que trabaja en comunismo.

      Mientras tanto, meter la cabeza entre las nalgas es el comportamiento comunista estándar ante lo que hacen los que no trabajan.


    • “Ahí lo que pasa, la verdad es que la realidad al fin les empieza a pegar. Y como va a ir ocurriendo en Venezuela, sólo cuando los actores sociales empiecen a ver afectados sus prebendas entonces es que van a reaccionar y a asumir que la Revolución fue un fiasco.”

      Truth of the matter


  10. To me the ethics of these guys are way lower than that of the average Venezuelan. Sorry, I cannot feel any sympathy for them. I have more sympathy for about 10 million workers who are not selling themselves like these have done.


    • De velda que yo no se como hasen esas 10 millonas de venezolanos honestos que tu dices, de pana y too chamo Keplel. Ni yo que gano mas de sinco sueldo minimos mas los tigritos del bachaqueo, no me alcansa..

      Presupuesto del hogar del ultimo Venezolano honesto:

      Ingreso: 5 sueldos minimos

      Gastos: Alquiler, comida, luz robada, agua, transporte, ropa (por lo menos ropa interior), cable robado, gasolina gratis, jabon, shampoo, mistolin y vainas de limpieza, mistolin, gastos de escuela y gastos en total para los ninos ( como 5 hijos por casa popular, en promedio?), etc, etc.

      No se chamo, pero la cuenta esa no me cuadra..


      • Mamol, tú sabé el cuento aké de la multiplicació de loh paneh?

        El ke echa el ebangélico to’lo domingo cuando vamo a’comé en la iglesia? Pué el milagro e’kiarcanse la kinsena se parese igualito.

        Pan y agua mamita, paniagua, y polke lagua no la pagamoh…


  11. These guys are happy because the figures that they prepare regularly now are in great demand, I heard Oscar Meza in a recent interview that people calling him from abroad just to get inflation figures, they cannot get from the BCV

    : http://www.cenda.org.ve/


  12. He wrote: “Moreover, we have to endure insults from the directors, and consultants of the President and Vicepresident, who are ignorant and essentially illiterate in matters of economics and finance.”

    If you’ve ever looked at systems theory or organizational theory you can, even in first world countries – see bloated, top-heavy executive structures where those at the top know and do nothing but try and boss the underlings around. The interesting fact is that such a structure can keep hobbling along so long as SOMEBODY know something, and can erert enough influence to keep the thing from simply blowing up. Now it sounds like the tipping point is being reached in not only the banking sector, but in many industrial sectors as well, where things are rapidly deteriorating to the point that there will soon be nobody on hand who knows anything ergo there is nothing to be done. That’s when the whole thing comes tumbling down, and fast. I have a relative who is doing his practicum in petroengineering at at a site down near El Tigre where the whole executive staff are Chavistas and not one knows a damn thing about wells, drilling, engineering, or anything connected to the oil trade. With so many clowns driving the bus, you wonder how it stays on the road. Perhaps not for much longer. As mentioned earlier, if and when the Guri turbines finally freeze up, things are going to get dark in a hurry.



  13. Rory wrote: *In the last year or so, he said his boss no longer makes him and his coworkers go to rallies, and just checks their name off. Apparently even he has had enough of this regime.

    This says more in one line than any financial evaluation or political commentary we could cook up. This IS Venezuela ahora. Only those still making bank from corruption and the dirt poor and uninformed are singing for this cleptocracy and socialist tragedy. God, what a cesspool…


  14. I have a few things to said about this crisis at the BCV. First of all, this “nepotism” thing is nothing new. Do you remember Diego Luis Castellanos? Well, he was the first BCV president under HCh government. One of his first decisions, was to appoint his daugther, Ana Mercedes Castellanos, as a member of the International Relations Office. Who was she? Well, she was far away from beign to spectacular in the IR area. After several years inside the BCV messed and fucked up everything and everybody she wanted to, she went back to her origins, at the SELA (LatinAmerican and Caribbean Economic System), where she remains silent (that’s a big accomplishment for her). And also, a DLC’s nephew was appointed as security manager under DLC presidency. This nephew was accused of HCh assasination attemp, because of a car crash in front of Miraflores Palace, when was driving under alcohol effects, in december of 2010. After DLC, Gaston Parra Luzardo also appointed her daugther as a manager in BCV office in Maracaibo, Zulia state, Nelson Merentes is using a personal budget under political criteria, and this goes back to 2009, as you can see here:


    Another achievement under Merente’s presidency, was to appoint Carmen Istúriz as Health and Safety at Job Manager. In her position, she is the responsible of the lack of doctors and medicines for BCV workers and families. Merentes also is famous not only for his close friendship with some other technician countrymen like Erick Franchesky and La Sardina de Naiguatá, but for creating his “own” brothel in a room in the 4th floor of BCV Financial Tower, with jacuzzis and stuff like that. He uses to receive beautiful visitors at that room, quite frecuently. The girls who visited him used to leave the BCV building about 6:00 a.m.

    After all this stuff about the BCV, let me be clear: I really regret everything is happening in Vzla these days. I understand the point of ravage when you are suffering the lack of medicines and doctors, and the complaint about the privileges (or the lack of them), but, this is common ground for everyone living in Vzla these days. So, how could you pretend to be absent of the country’s unstoppable destruction?…

    Another point I was to put on the table is the fight against inflation the BCV:



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