ATMs in Venezuela without using

Silvia

· 23 Feb 2021

ATMs in Venezuela without using

#programming Economists confirm that ATMs in the country are not used because of a lack of cash, which is lacking in banking institutions. They do not generate interest at the bank for service commissions, and their maintenance is expensive.

He noted that since there are no coins or notes in the economy, it is clear that ATMs have very small amounts and produce little cash.

He said that many of them are not operational due to deterioration or problems with modernization, updates, spare parts due to a shortage of foreign exchange to perform maintenance, update or replace".

He stressed that it is unprofitable for a bank to update equipment or buy others, since they are unprofitable strategic business units.

“By not spending money, they do not generate revenue from commissions and services to banking entities."

He added that “more than 70% of ATMs in Venezuela are unused, not because they are damaged, but because of lack of liquidity in accounts."

The economist Jesús Casique indicated that ATMs do not provide enough cash because of the hyperinflation that the country is going through. “This means that in the uptake processes the quantities are not sufficient for the daily consumption of the population."

The number of active tellers has been reduced because financial institutions are engaged in restructuring costs.

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ATMs in Venezuela without using

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