Venezuela presents central bank reform proposals

Venezuela's government has submitted a legislative proposal that would allow President Hugo Chavez to tap reserves held by the central bank.

It makes no sense "for Venezuelan society to accumulate foreign currency reserves indefinitely while it faces growing needs," according to Thursday's proposal, which could be discussed by lawmakers next week.

Under the proposed reform of the central bank, officials would determine an "optimum level" of reserves before Aug. 15 each year, with any excess tra

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