Venezuela central bank transfers US$3bn

Venezuela's central bank has transferred US$3 billion of its foreign exchange reserves to a newly created fund to support public projects, the finance minister said Friday 23 September.

"The first US$3 billion have been transferred into the fund already," Finance Minister Nelson Merentes told reporters during an event marking the creation of the so-called National Development Fund.

The fund is expected to receive money from the central bank's reserves every year.

Central bank officials are expec