ESPACIO PUBLICITARIO
CARACAS, Monday December 31, 2012 | Update
 
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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)
EL UNIVERSAL
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.
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Whose victim am I?

They are marching in step to the same tune. There is a coordinated effort to position the idea. The Twitter hashtag  #YoSoyVictimaDeLaGuarimba (I'm a victim of "guarimbas", or protest barricades) can be read on all pro-government Twitter accounts, including those of the ruling United Socialist Party of Venezuela (PSUV), the National Assembly's Press Office, the state-run food distribution network PDVAL, state airline Conviasa, the Venezuelan embassies in foreign countries, radio stations and the huge media network responsive to the Government's interests and messages.

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