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
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
A group of some 60 Venezuelan economists from across the country and from different generations and backgrounds, has met regularly in the past couple of years and now has brought forth a document explaining the reasons of the current emergency and outlining specific proposals on how to address the serious economic crisis the country has plunged into over the last three years.