Total reserves stood at USD 38.7 billion as of December 3rd, versus USD 40.4 billion on October 30th
Venezuela's international reserves fell 4.3 percent, that is, USD 1.75 billion, during the past five weeks, accompanied by a severe drop of the country's oil revenues, amidst exchange control. Total reserves stood at USD 38.7 billion as of December 3rd, versus USD 40.4 billion on October 30th, when they hit their highest historical value, according to the numbers provided by the Central Bank of Venezuela (BCV).
The amount includes USD 828 million of a petroleum contingency fund that has remained unchanged since the end of October at USD 828 million, Reuters reported.
Venezuelan oil has plunged almost USD 90 from more than USD 126 / barrel in July, to USD 39.59 last week. The annual average price is USD 92.76. In addition, the reserves probably reflect buying back of the foreign debt gradually made by the Venezuelan government some weeks ago for about USD 800 million.
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