Venezuela central bank against reserves plan

Venezuela's central bank has again repeated its opposition to President Hugo Chavez's plan to deprive the bank of its autonomy and take $7 billion of international reserves to fund projects and social programs.

Armando Leon, one of seven central bank directors, suggested the government establish a fund of excess oil revenue rather than demand reserves for spending, a move that he said would undermine the value of the bolivar.

``The central bank has to have autonomy,'' Leon said in an interview

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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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