Chavez Asks PDVSA to Move Away from the Dollar
Venezuela's President Hugo Chavez has asked state oil company PDVSA to convert its investment accounts from US dollars to euros and Asian currencies, Bloomberg reported.
Specifically, Chavez asked energy and oil minister Rafael Ramirez, who also serves as PDVSA president, to change currencies following the US Federal Reserve's decision to increase US money supply.
Chavez, who is critical of the US government and the country's influence in South America, wants PDVSA to reduce risks of dealing with the dollar, which he characterized as a "bubble."
PDVSA, which has US$23bn in assets including US$1.88bn in cash, last year moved some of its reserves to euros.
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