Venezuela passes foreign reserves reform bill

Venezuela's Congress on Tuesday 19 July approved a reform bill giving the government access to $6 billion of the nation's international reserves.

The reform to the Central Bank Law will place $6 billion of foreign reserves into a special development fund called Fonden, especially created to receive oil income earned by the world's No. 5 petroleum exporter.

The legislation, which was passed by the government majority in congress, says the money will be used to pay for President Hugo Chavez's

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Geoeconomic reserve management

The world order is evolving. Whether, and how, the international economy remains integrated or shifts into spheres of influence has consequences for central bank policy and reserve management.

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