EL UNIVERSAL
CARACAS, Thursday December 04, 2008 | Update
International reserves down 4.3 percent in five weeks
Total reserves stood at USD 38.7 billion as of December 3rd, versus USD 40.4 billion on October 30th
Economy
Venezuela's international reserves fell 4.3 percent, that
is, USD 1.75 billion, during the past five weeks, accompanied
by a severe drop of the country's oil revenues, amidst exchange
control.
Total reserves stood at USD 38.7 billion as of December 3rd,
versus USD 40.4 billion on October 30th, when they hit their
highest historical value, according to the numbers provided
by the Central Bank of Venezuela (BCV).
The amount includes USD 828 million of a petroleum contingency
fund that has remained unchanged since the end of October
at USD 828 million, Reuters reported.
Venezuelan oil has plunged almost USD 90 from more than USD
126 / barrel in July, to USD 39.59 last week. The annual average
price is USD 92.76.
In addition, the reserves probably reflect buying back of
the foreign debt gradually made by the Venezuelan government
some weeks ago for about USD 800 million.
On the Cover
Works flying high
05:09 PM. Economy. If any country has cashed in on the Bolivarian revolution, that is Brazil, particularly the private companies of the southern neighbor. Over the past five years, it has been awarded contracts for works to be carried out in Venezuela for over USD 14 billion. This puts it as the first recipient of government-to-government contracts, that is, without bidding, since Hugo Chávez took office.
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