Reform of the law on oil windfall revenues enacted
Upon the reform of the law, the Central Bank of Venezuela will receive additionally USD 2.47 billion in oil revenue
The reform, passed at a special meeting at the National Assembly on Wednesday, provides that oil-related contributions to the National Development Fund (Fonden) shall be made whenever the price of the oil barrel exceeds USD 80, rather than USD 70, as provided before the reform. Consequently, Venezuelan state-owned oil company Pdvsa and the Central Bank of Venezuela (BCV) will receive a higher flow of petrodollars.
Official estimates indicate that the sale of US dollars to the central bank will spike to USD 2.47 billion this year because of the reform. Meanwhile, Pdvsa will manage additional USD 1.6 billion.
Translated by Jhean Cabrera
They are marching in step to the same tune. There is a coordinated effort to position the idea. The Twitter hashtag #YoSoyVictimaDeLaGuarimba (I'm a victim of "guarimbas", or protest barricades) can be read on all pro-government Twitter accounts, including those of the ruling United Socialist Party of Venezuela (PSUV), the National Assembly's Press Office, the state-run food distribution network PDVAL, state airline Conviasa, the Venezuelan embassies in foreign countries, radio stations and the huge media network responsive to the Government's interests and messages.