More on oil production and fiscal numbers

August 27, 2003


What I wrote about last night was confirmed this week when Central Bank Director Domingo Maza Zavala, said in a statement to the press that the flow of foreign currency from PDVSA is below normal. This is a source of concern since the price of the Venezuelan oil basket is at very high levels at this time. According to Maza Zavala in local daily El Universal, the Central Bank should be receiving US$ 1.3-1.4 billion a month, but only US$ 1.0 billion is actually being received. In fact, if one were to believe the current production numbers, as announced by the Government, the flow would be US$ 1.8 billion per month.

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