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Venezuela Reserves at $30 Billion
Caracas - The Venezuelan economy continues to
strengthen as its international reserves increased
to 30.5 billion dollars at the beginning of July in
spite of the world economic crisis.
According to figures released by the Central Bank,
from June 1 to July 1 reserves jumped 4.82 percent
which is equivalent to 1.407 billion dollars.
Of the total, 29.759 billion correspond to the bank
and 829 million to the Macroeconomic Stabilization
Fund created by the government of President Hugo
Chavez in 1998.
With this fund the state controls fluctuations of
oil incomes so they do not affect budget
equilibrium, exchange rate and currency.
The Venezuelan president pointed out that the
Venezuelan economy continues positive as a result of
different strategies and cooperation that the
national government has made with allied countries.
He pointed out that Venezuelan collaboration with
China to create an Economic Fund with an initial sum
of 1 billion dollars and now has twice that amount.
Chavez also mentioned Russia as one of the strategic
partners with which a joint company was set up for
exploitation of the largest gold mine in the world,
La Cristina.
The president pointed out that this company has
mineral reserves of about 35.2 million ounces that,
at current prices in the world market, represent 30
billion dollars for the State.
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