CARACAS, Monday January 28, 2013 | Update
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)
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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