Chavez defeat allows central bank some freedom

The Central Bank of Venezuela will not face further limits on its autonomy for now after Hugo Chavez, Venezuela's president, was narrowly defeated in a referendum on constitutional change.

If Chavez had been successful, the central bank's autonomy, gained in 1999, would have been formally withdrawn and the institution would have had to work more closely with the executive branch of the government. The president would have also gained control of the country's foreign exchange reserves.

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