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Venezuelan foreign reserves have dipped USD 4.4 billion so far this year
Central bank assets slump at USD 25.4 billion
Figures indicate that reserves remain below suitable levels set by the government in late 2011 of USD 26.8 billion (File photo)
EL UNIVERSAL
Saturday June 29, 2013 12:00 AM
Information published by the Central Bank of Venezuela (BCV) indicates that foreign reserves have fallen USD 4.4 billion in 2013.
Data shows that, as of December 2012, central bank assets sat at USD 29.8 billion and, by this past June 20th, they reached USD 25.4 billion.
This trend in reserves would be due to existing volumes of currency allocation for import activities since the central bank has not informed of transfers to the National Development Fund (Fonden).
The previous week, the bank's director, Armando León, commented on the balance of reserves: "The economy runs on the flow of foreign currency and different funds. Reserves are also aimed at commitments and later replenished."
The officer noted that "we can expect them to rise and fall because they are used for payments. Resources are allocated and then restored."
Figures indicate that reserves remain below suitable levels set by the government in late 2011 of USD 26.8 billion.
Between January and March, crude-oil export revenues slipped by 13%; therefore, by the end of the first quarter, state-owned oil company Pdvsa sold 46% of petroleum currency revenues to the central bank, a situation that has affected allocation of dollars for other commitments such as foreign purchases.
Investment banks have claimed that authorities are looking into the possibility of consolidating all of their currency resources into foreign reserves and have indicated that this would prove that the government does indeed have payment capacity.
[email protected]
Central bank assets slump at USD 25.4 billion
Figures indicate that reserves remain below suitable levels set by the government in late 2011 of USD 26.8 billion (File photo)
EL UNIVERSAL
Saturday June 29, 2013 12:00 AM
Information published by the Central Bank of Venezuela (BCV) indicates that foreign reserves have fallen USD 4.4 billion in 2013.
Data shows that, as of December 2012, central bank assets sat at USD 29.8 billion and, by this past June 20th, they reached USD 25.4 billion.
This trend in reserves would be due to existing volumes of currency allocation for import activities since the central bank has not informed of transfers to the National Development Fund (Fonden).
The previous week, the bank's director, Armando León, commented on the balance of reserves: "The economy runs on the flow of foreign currency and different funds. Reserves are also aimed at commitments and later replenished."
The officer noted that "we can expect them to rise and fall because they are used for payments. Resources are allocated and then restored."
Figures indicate that reserves remain below suitable levels set by the government in late 2011 of USD 26.8 billion.
Between January and March, crude-oil export revenues slipped by 13%; therefore, by the end of the first quarter, state-owned oil company Pdvsa sold 46% of petroleum currency revenues to the central bank, a situation that has affected allocation of dollars for other commitments such as foreign purchases.
Investment banks have claimed that authorities are looking into the possibility of consolidating all of their currency resources into foreign reserves and have indicated that this would prove that the government does indeed have payment capacity.
[email protected]
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