Venezuelan Financial Reserves Grow

Caracas
May 6
The Central Bank of Venezuela (BCV) has reported that the international reserves concluded this week in $31.4 billion, a $300-million increase in relation to the seven previous days.

According to the BCV, around 98 percent of those reserves are registered and the rest, $742 million, belong to the Investment Fund for Macroeconomic Stabilization, created by the executive to face up to national economic contingencies.

The mentioned category is shaped by the financial resources in foreign currency that a country counts on to guarantee the payment of imported goods and the foreign debt, and stabilize the currency.

The international reserves administered by the BCV come, mainly, from oil exports from Petroleos de Venezuela state oil company.

Experts asserted that a solid position in relation to that issue strengthens the foreign-payment capacity and reduces risk for the country.