Venezuelan reserves exceeding 30 billion dollars
Friday, July 03, 2009

03 July 2009, 13:32 Caracas, June 3 (PL) The Venezuelan economy continues to
consolidate its international reserves increased to 30 thousand 588 million
dollars to start in July, despite the vicissitudes of the global economic
crisis.

According to Central Bank figures, from June 1 to July 1 the reserves took a
leap of 4.82 percent, equivalent to 407 thousand million in the greenback.

Cumulative total of 29 thousand 759 million to between 829 million issuer and
the Macroeconomic Stabilization Fund, a mechanism created by the government of
President Hugo Chávez in 1998.

With this fund the state controls the fluctuations of the oil revenue the
country with the aim of not affecting the fiscal balance, monetary and exchange
rate.

The Venezuelan leader stressed yesterday that the economy remains positive
thanks to the various strategies and partnerships that the government has
undertaken with allies.

Stressed in this context the cooperation between China and Venezuela, with which
they created a substance which began with six billion dollars and now has twice
as much.

Chavez also referred to Russia as one of strategic partners with whom they
created a joint venture to operate the largest gold mine in the world, Cristina.

The president pointed out that this company has the mineral reserves in the
order of 35.2 million ounces, which at current world market to represent the
South American state about 30 billion dollars.

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