VENEZUELA WITHDRAWS MAJORITY OF FOREIGN CURRENCY RESERVE FUNDS FROM U.S. TREASURY.

NotiSur - South American Political and Economic Affairs | October 21, 2005 | Copyright

The Venezuelan government took significant steps to fiscally delink its foreign-currency reserves from the US this month. During the first week of October, the Banco Central de Venezuela (BCV) announced that it pulled US$20 billion of its foreign-currency reserves out of US Treasury bonds, moving the funds to Europe. Opponents of the decision said it showed that the BCV had lost its autonomy from the executive branch and was a bad financial decision.

Most of Venezuela's reserves go from the dollar to the euro

Venezuela had moved its BCV foreign reserves out ...

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