ECONOMY

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

Seventy-four percent of Venezuelan reserves (USD 19.1 billion) are made up of gold bars (File photo)

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EL UNIVERSAL

Tuesday October 23, 2012 10:21 AM

The Central Bank of Venezuela (BCV) monthly balance sheet reveals that by the end of September, liquid reserves dropped to USD 1.8 billion, while in August they amounted to USD 2.1 billion.

"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.

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