Central bank assistance to state-run Pdvsa stands at USD 29 billion
Assistance over the last 12 months has spiked to 79%
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
Since the Venezuelan government imposed currency and price controls in 2003 property rights have been seriously affected, as the individual's freedom to acquire, use, enjoy and dispose of property has been severely restricted, according to experts.