Venezuela will give oil reserves to central bank and slash zeroes from currency
Central bank will have control of basin with 29 billion barrels of oil, president says
The Venezuelan government announced on July 26 that it has transferred part of the national oil reserves to the central bank, and is taking five zeroes off the value of its currency.
President Nicolás Maduro said his government would transfer control of a complete block of certified oil reserves, the Ayacucho 2 in the Orinoco Belt. The area contains 29 billion barrels of oil, according to Maduro.
Maduro said the central bank will use these resources to back the issuance of financial assets
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