Venezuela's international reserves drop USD 3.73 billion in 2012
Pdvsa's transfers to the National Development Fund (Fonden) have undermined the amount of US dollars available for the private sector
Statistics from the Central Bank of Venezuela (BCV) show that as of December 27, international reserves tumbled USD 3.73 billion in 2012 and stood at USD 26.15 billion.
Out of such amount, 85% is gold bars. Dollars in cash -technically known as liquid reserves, which the central bank has immediately available to pay imports and foreign debt, do not exceed USD 3 billion.
State-run oil firm Pdvsa deposits more than half of oil revenue in the National Development Fund (Fonden), a facility the Venezuelan government uses to afford investment projects. Consequently, international reserves dwindle despite high oil prices.
Alarmed because of the emotional breakdown suffered by his ally and his destiny; Fidel Castro requested asylum for deceased Venezuelan President Hugo Chávez in Madrid back on April 11, 2002. "The story had been much darker and more entangled than what some people's imagination has wanted to believe in and disclose," former Spain's President, José María Aznar, upholds in his autograph book published by late 2013.