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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.