Venezuela Central Bank Transfers US$3 Billion to New Reserve Fund

[Judi Lynn]

Venezuela Central Bank Transfers US$3 Billion to New Reserve Fund

The Associated Press

Published: Sep 24, 2005

CARACAS, Venezuela (AP) - Venezuela's Central Bank has transferred US$3 billion (euro2.45 billion) of its foreign exchange reserves to a newly created fund to support public projects, the finance minister said.
(snip)

Earlier this year, Venezuelan President Hugo Chavez supported a legal change allowing the government to tap the reserves to finance spending on public projects.

Chavez said Friday the fund would begin with an initial disbursement of US$404 million (euro333 million) used to finance new metro lines, expand bus services and other infrastructure projects.

"It's for the country. What's a country going to do by having 35 billion, 33 billion dollars in foreign reserves when 20 billion is more than sufficient?," he said.
(snip/...)

http://ap.tbo.com/ap/breaking/MGBB1QPGZDE.html

[lvx35]

1. Probably a great call.

Our infrastructure is long overdue for an upgrade, but with the Iraq and Katrina and Rita, it will be about 2040 by the time we can pull that off!

[Ouabache]

2. Yeah and all our debt to the Chinese and Saudis

nt

[Zhade]

3. A president who loves and cares for his people.

And then we've got our traitor-in-chief.

<despair>

WHY?

</despair>

[1932]

4. I wish I could invest in Venezuelan bonds.

Becuase, this is going to work to make Venezueala really develop.

[Voltaire99]

5. Chavez makes US Republican *and* Democratic pols look ridiculous.

What a pity we can't have such enlightened leadership instead of our corporate dogs.