Venezuela’s international U.S. dollar reserves rose $2.1 billion, or 5.8 percent yesterday, the biggest single day gain on record, as the country prepares for a steep decline in oil revenue in 2009. Reserves closed the day at $39.2 billion, the highest since Nov. 4, according to data on the South American country’s central bank Web site.
Venezuela, the fourth-biggest crude oil supplier to the U.S., is bracing for a plunge in revenue as the price for its main export has tumbled 76 percent from a high in July. President Hugo Chavez said the government will not cut social spending and may reduce dollar sales for imports.
“The central bank is closing the year and isn’t transferring dollars to the foreign exchange commission,” said Asdrubal Oliveros, director of Caracas-based consulting firm Ecoanalitica. “They’re trying to close the year at a high level to later transfer $7 billion to a development fund.”
The government reduced annual dollar allowances for travelers by 50 percent today to $2,500 in an effort to preserve dollars from oil sales. Government officials say they have about $80 billion in international reserves and off-budget development funds including an $828 million economic stabilization fund.
Most of the reserves come from oil sales by state company Petroleos de Venezuela SA. Record crude prices this year bolstered the funds to a record $39.6 billion Oct. 30. Reserves dropped 7 percent between that date and Dec. 16 when they were $36.9 billion.
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