Venezuela passes foreign reserves reform bill

Venezuela's Congress on Tuesday 19 July approved a reform bill giving the government access to $6 billion of the nation's international reserves.

The reform to the Central Bank Law will place $6 billion of foreign reserves into a special development fund called Fonden, especially created to receive oil income earned by the world's No. 5 petroleum exporter.

The legislation, which was passed by the government majority in congress, says the money will be used to pay for President Hugo Chavez's so