ESPACIO PUBLICITARIO
CARACAS, Monday December 31, 2012 | Update
 
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FINANCE | According to central bank numbers

Venezuela's international reserves drop USD 3.73 billion in 2012

Pdvsa's transfers to the National Development Fund (Fonden) have undermined the amount of US dollars available for the private sector

Liquid reserves do not exceed USD 3 billion (File photo)
EL UNIVERSAL
Monday December 31, 2012  02:04 PM

Statistics from the Central Bank of Venezuela (BCV) show that as of December 27, international reserves tumbled USD 3.73 billion in 2012 and stood at USD 26.15 billion.

Out of such amount, 85% is gold bars. Dollars in cash -technically known as liquid reserves, which the central bank has immediately available to pay imports and foreign debt, do not exceed USD 3 billion.

State-run oil firm Pdvsa deposits more than half of oil revenue in the National Development Fund (Fonden), a facility the Venezuelan government uses to afford investment projects. Consequently, international reserves dwindle despite high oil prices.
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Cases of torture brought before the UN

While she was detained, she was kept blindfolded, she was doused with water and then electric shocks were applied to her arms, breasts and genitals. She was threatened and told that she would be killed and buried in pieces." Gloria Tobón's is one on the list of documented cases reported by Amnesty International in its briefing document to the United Nations Committee Against Torture.

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