News »

Chavez Ratifies Sovereign Use of International Reserves

President Hugo Chavez reaffirmed Thursday that Venezuela will use its international reserves according to the country’s interests, without subordinating itself to foreign powers or institutions. In a second article for his column “Notes from the Rear Guard” in the Orinoco Mail newspaper, Chavez decried what he called a campaign to create confusion and destabilization by using the issue of reserves.

Based on that, he called on Venezuelans to study economy, as a way of boosting the building of socialism, and not to fall into the trap of enemies of the process of change that began in 1999.

Opposition sectors and representatives of U.S. right-wing forces like Roger Noriega, former undersecretary of state, are questioning the Venezuelan government’s decision to diversify the placement of its financial resources, based on the crisis in the United States and Europe.

Ten years ago, Venezuela had less than 10 billion USD dollars while the total now available in the Central Bank is about 30 billion, Chavez said.

Venezuela’s reserves were previously in the hands of the notorious International Monetary Fund, he added.

On Wednesday, Chavez announced that Venezuela would bring home its gold deposits, worth some 11 billion USD, and diversify where it keeps its foreign currency reserves.

Venezuelan reserves may be moved to banks in Brazil, China and Russia, because of the financial crisis affecting the United States and Europe, where it now has billions in reserve funds.

By Prensa Latina