Chávez moves reserves out of US Treasuries
By Andy Webb-Vidal in Caracas
Last updated: October 6 2005 00:04
Venezuela has transferred about half of its $30.4bn of foreign reserves out of US Treasuries and US banks into banks in Europe, seemingly for political reasons.
The decision, which was disclosed in an off-the-cuff comment by President Hugo Chávez last week, has fuelled confusion among bondholders and analysts concerned about Venezuela's opaque public finances.
Domingo Maza Zavala, a director at the central bank, said on Wednesday that during the past four months 60 per cent of the bank's roughly $24bn in operational reserves, or about $14.4bn, had been liquidated and the funds deposited at the Bank for International Settlements in Basel, Switzerland.
con'd:
http://news.ft.com/cms/s/f48703a0-35ce-11da-903d-00000e2511c8.html
By Andy Webb-Vidal in Caracas
Last updated: October 6 2005 00:04
Venezuela has transferred about half of its $30.4bn of foreign reserves out of US Treasuries and US banks into banks in Europe, seemingly for political reasons.
The decision, which was disclosed in an off-the-cuff comment by President Hugo Chávez last week, has fuelled confusion among bondholders and analysts concerned about Venezuela's opaque public finances.
Domingo Maza Zavala, a director at the central bank, said on Wednesday that during the past four months 60 per cent of the bank's roughly $24bn in operational reserves, or about $14.4bn, had been liquidated and the funds deposited at the Bank for International Settlements in Basel, Switzerland.
con'd:
http://news.ft.com/cms/s/f48703a0-35ce-11da-903d-00000e2511c8.html
