CARACAS, Wednesday November 07, 2012 | Update

Central bank assistance to state-run Pdvsa stands at USD 29 billion

Assistance over the last 12 months has spiked to 79%

In late October, state-run oil company Pdvsa reduced its debt by USD 1.3 billion only (File photo)
Wednesday November 07, 2012  11:39 AM
Financial assistance to state-owned oil company Pdvsa by the Central Bank of Venezuela (BCV) continues its upward trend. BCV's data shows that by the end of October, the financial institution's aid to the oil company increased by 79% over the last 12 months.

By October 26, the BCV had allocated USD 29 billion to Pdvsa, compared to only USD 16.2 billion during the same period in 2011.

During October this year, the financial aid amounted to USD 30.4 billion. Although by the end of that month the oil company had arranged to pay its liabilities, it only reduced its debts by USD 1.3 billion.

The BCV began providing financial assistance in the first half of 2010 when it received promissory notes that Pdvsa had issued to the National Treasury. Since then, financial assistance has not stopped.

Translated by Jhean Cabrera
The end of a cycle

Hundreds of thousands of demonstrators took to the streets of Brazil on March 13 to demand the ouster of embattled President Dilma Rousseff, carrying banners expressing anger at bribery scandals and economic woes. A banner read "We don't want a new Venezuela in Brazil."

fotter Estampas
fotter Estampas