ESPACIO PUBLICITARIO
CARACAS, Monday January 28, 2013 | Update
 
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PUBLIC FINANCE | The oil minister stated

Venezuelan gov't adjusts range of oil prices

Venezuela's oil minister said that the revision of the Law on Oil Windfall Revenues will lead to a higher sale of US dollars to the Central Bank of Venezuela, more resources for social development and less money for the National Development Fund

Upon the implementation of the measure, the central bank will be receiving further funds from the state-run oil company (File photo)
EL UNIVERSAL
Monday January 28, 2013  03:26 PM
A revision to the Law on Oil Windfall Revenues for the purpose of selling US dollars to the Central Bank of Venezuela (BCV) has been announced by Venezuela's Minister of Petroleum and Mining Rafael Ramírez.

The senior official said that the action entails "increasing contributions to lower tensions in the speculative sector." Based on estimates produced by state-owned oil company Pdvsa, the US dollar sale has climbed to USD 2.4 billion.

Ramírez commented that a set of actions were on their way and would be announced in the days ahead.

The oil minister said that the revision will allow for further allocations of funds for social development and the treasury. This is a step forward in the sale and distribution of US dollars, Ramírez noted.

Upon the implementation of this measure, fewer oil revenues will be allocated to the National Development Fund (Fonden), fueling in this way the central bank's international reserves.

With reporting by Mayela Armas H.

Translated by Jhean Cabrera
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Is protest over?

That political protest in Venezuela has lost momentum seems pretty obvious: people are no longer building barricades to block off streets near Plaza Francia in Altamira (eastern Caracas), an anti-government stronghold; no new images have been shown of brave and dashing protesters with bandanna-covered faces clashing with the National Guard in San Cristóbal, in the western state of Táchira; and those who dreamed of a horde of "Gochos" (Tachirans) descending  in an avalanche to stir up revolt in Caracas have been left with no option but to wake up to reality.

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