Andean Group - February 2012 (ISSN 1741-4466)

Tapping reserves: President Morales has outlined plans to use about 10% of the central bank’s foreign reserves to promote industry. He said that he had sent a bill to congress that would set aside an initial US$1.2bn in current reserves in order to establish a state-run industry development fund, known as the Fondo para la Revolución Industrial Productiva (Finpro). Up to 7 February, foreign reserves had reached US$12.49bn. Morales said the fund would be used for productive industrialization, aimed at industrializing natural resources.

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