Andean Group - November 2008 (ISSN 1741-4466)

Reserves: On 31 October the central bank reported that reserves were at a new record: US$40.48bn. This is equivalent to 90% of Venezuela's 2007 import bill. Of this US$39.6bn were in the hands of the central bank and the rest was held in the Fondo de Estabilización Macroeconómica (FEM), which acts as a rainy day fund.

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