Venezuela's president signs central bank reforms

Venezuelan President Hugo Chavez has signed a partial reform to the Central Bank Law to authorise investing six billion US dollars of hard currency reserves in social programs.

Chavez told Venezuelan television that the reform to BCV, the central bank, approved last Tuesday by the National Assembly includes tight controls to prevent embezzlement, and the funds will only be used as US dollar or euros for overseas purchases, to prevent inflation.

Chavez said there is a proposal to create "a great

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