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Venezuela state oil company to give more earnings to nation's central bank

AP
January 30, 2013, 12:07 am TWN

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CARACAS--Venezuela's government announced plans Monday to have the state oil company turn over more of its earnings in dollars to the Central Bank, seeking to confront shortages of some foods and other products that have worsened due to a lack of dollars provided to importers at official rates.

Oil Minister Rafael Ramirez announced the change at a news conference, saying state-run Petroleos de Venezuela SA is to increase by nearly US$2.5 billion the amount of dollars it turns over to the Central Bank this year.

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