Venezuela Urges Countries To Move Forex Reserves Away From US

Venezuelan President Hugo Chavez urged other South American leaders Tuesday to move their central banks' international reserves away from the U.S. and warned that keeping their reserves in U.S. currency was a bad investment because of the depreciating dollar. Chavez, who is attending a regional heads-of-state meeting in Argentina, said in comments broadcast by Venezuelan state television that keeping central banks' international reserves in the U.S. was detrimental to the interests of South American nations. 'Where are these reserves? A large part is in the U.S., in U.S. Treasury bonds. That's not a good idea right now because the dollar is in a free-fall,' Chavez said.