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Venezuela's international reserve increased 281%
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Caracas, Sept 21. ABN.- The international reserves of Venezuela have increased more than 281% last decade thanks to the economic policy carried out by the Bolivarian Government, which has recovered the oil barrel price from 6 dollars, by 1998, to more than 100 dollars, this year.
The statements were made by the President of the Bolivarian Republic of Venezuela, Hugo Chávez Frías, this Sunday in his weekly program “Aló, Presidente”.
“When we (Bolivarian Government) arrived here, Venezuela was nose diving. We did not have, practically, international reserves; only about 10 billion dollars. Nowadays, by August 5, 2008, according to Venezuelan Central Bank (BCV, Spanish abbreviation), we have more than 38 billion dollars,” Chávez emphasized.
In this sense, he said that despite failures and mistakes that Government could have made, the work that the Government has carried out points that there is a progress in Venezuelan economic policy in the last 10 years.
“We have in United States about 375 million dollars, which is something like 1% of our reserves. And that amount belongs to some associated balances with some banks that work as correspondent banks for financial services in the North American market, where we still have some companies,” he said.
Therefore, President Chávez pointed out that Venezuelan treasure and international reserves are well protected and in a safe place from the economic and financial crisis affecting, nowadays, United States.
Furthermore, he explained that he has reports about Venezuela's international reserves, where it is detailed how much the country has, as well how much it has in dollars, pounds, euros, Canadian dollars, and other currencies.
Translated by Ernesto Aguilera |
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| ABN 11:36 am 22/09/2008 |
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