Venezuelan liquid reserves drop to USD 1.8 billion
Since August, the assets of the Central Bank of Venezuela (BCV) are below the appropriate level
"The reduced levels of liquid reserves found since early in 2011 are due to the management policy of the public sector external assets. They mirror the fact that petrodollars are allocated directly to the National Development Fund (Fonden) and other funds," a report prepared by research firm Síntesis Financiera asserted.
The balance sheet shows that 74% of BCV reserves (USD 19.1 billion) are made up of gold bars. This figure is due to the rise in gold bar prices.
Since August 2012, reserves are below the suitable level of USD 26.8 billion.
José Vicente Rangel clearly said: "We are not conducting negotiations threatened with a gun in the head." He warned behind closed doors in the midst of the social upheaval occurred during the oil strike in 2002 and 2003. Dissenting Timoteo Zambrano answered back that no other option was available: "The thing is that otherwise, you do not negotiate."