New Venezuelan law targets central bank reserves

- Central Banking staff
- 29 Mar 2004

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President Hugo Chavez of Venezuela said on Sunday 28 March that his government was drafting a new law to force the country's independent central bank to release international reserves to finance government projects.

For several months, the Central Bank of Venezuela has been resisting Mr Chavez's demands that part of the reserves be handed over. The bank's directors say the Constitution forbids the reserves from being used to pay for government spending.

"I don't agree at all that the central bank

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