The need to preserve the money flow into the National Development Fund (Fonden) is forcing the Executive Branch to put renewed pressure on the Central Bank of Venezuela. One of the reasons is the fact that state-run oil company Pdvsa will deposit less money in the fund amidst increased tax contributions. 

President Hugo Chávez has told BCV authorities for more than two months that next year they shall transfer to the Fonden at least USD 7 billion, because Venezuelan international reserves now exceed USD 39 billion and the appropriate level is USD 32 billion. In fact, Chávez has insisted that all the deposits above the optimum level must be transferred to the Treasury.

According to analysts, this requirement is due to the possibility that the resources received by the special scheme through other funding channels could be lower.