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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The dialogue experience

José Vicente Rangel clearly said: "We are not conducting negotiations threatened with a gun in the head." He warned behind closed doors in the midst of the social upheaval occurred during the oil strike in 2002 and 2003. Dissenting Timoteo Zambrano answered back that no other option was available: "The thing is that otherwise, you do not negotiate."

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