Venezuela transfers $20 bn reserves to BIS

Venezuela has transferred $20 billion worth of its reserves to the Bank for International Settlements in Switzerland, Venezuela's central bank director Domingo Maza Zavala was quoted as saying, confirming comments by President Hugo Chavez last week.

Maza Zavala told daily EL Nacional that the dollar has weakened against the euro, so it seemed appropriate to increase holdings in euros and decrease those in dollar.

The funds transferred were held in the form of US Treasuries and represent 60 pct