In an obligatory simultaneous broadcast, Venezuela's President Hugo Chávez announced the transfer of USD 1.5 billion of surplus international reserves to the National Development Fund (Fonden).
He explained during an extraordinary Ministerial Council that the optimum level of reserves stands at USD 27 billion. However, ending the first half of 2011, international reserves amounted to USD 28.6 billion.
Hence, a total of USD 1 billion will go to Fonden this month, in addition to USD 500 million next August.
The president added that the Central Bank of Venezuela (BCV) will transfer USD 25.6 million to the Treasury on account of bank profits.
http://english.eluniversal.com/2011/07/14/usd-15-billion-of-reserves-straight-to-fonden.shtmlDoes anyone know: What kind of oversight is there of fonden appropriations? Are the books audited?
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