FINANCE | According to central bank numbers
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
Liquid reserves do not exceed USD 3 billion (File photo)
Monday December 31, 2012 02:04 PM
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.
According to forecasts made in August by National Oceanic and Atmospheric Administration (NOAA), repercussions of El Niño Southern Oscillation (ENSO) phenomenon would be enhanced at least until March 2016.