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Venezuela dumps dollar reserves for euros { September 30 2005 } Original Source Link: (May no longer be active)    http://news.moneycentral.msn.com/provider/providerarticle.asp?feed=AP&Date=20050930&ID=5157487 http://news.moneycentral.msn.com/provider/providerarticle.asp?feed=AP&Date=20050930&ID=5157487 September 30, 2005 01:50 PM ET Chavez: Venezuela Moves Reserves to Europe All Associated Press News CARACAS, Venezuela (AP) - Venezuela has moved its central bank foreign reserves out of U.S. banks, liquidated its investments in U.S. Treasury securities and placed the funds in Europe, Venezuelan President Hugo Chavez said Friday. "We've had to move the international reserves from U.S. banks because of the threats," from the U.S., Chavez said during televised remarks from a South American summit in Brazil. "The reserves we had (invested) in U.S. Treasury bonds, we've sold them and we moved them to Europe and other countries," he said. Chavez, a sharp critic of what he calls "imperialist" U.S.-style capitalism, has often criticized foreign banks for the power they wield in international financial markets at the expense of poorer countries. Chavez again proposed the creation of a South American central bank that would hold the foreign exchange reserves of all the central banks in the region. "I'm ready right now with the Venezuelan central bank ... to move $5 billion (euro4.15 billion) (of Venezuelan reserves), to a South American bank," Chavez said. Central bank officials could not be immediately reached for more details. Chavez has also argued against central bank autonomy, saying excess foreign reserves should be spent on economic development projects. Under his presidency, Venezuela's mostly pro-Chavez Congress changed central bank laws earlier this year so the government could tap reserves for spending, despite criticism that it would lead to devaluation of the local currency and higher inflation. Every year the central bank must now compute an "optimum" amount of reserves and hand over the rest to a newly created national development fund. Money held in the fund will be used for overseas purchases and to pay off outstanding debt. Foreign exchange reserves held by the central bank stood at $30.434 billion (euro25.27 billion) as of Sept. 28, according to central bank data. © 2005 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

10yr note less appealing as rates are cut { January 2008 } 1875 western loan shark operation Arab central banks move assets out of dollar to euro { March 14 2006 } Asia will diversify without dumping dollars { February 23 2005 } Asian banks dump dollar { February 22 2004 } Asian debt withdrawal threat to us deficit { September 7 2003 } Asian unpegging crucify us { October 3 2003 } Australia expects inflation { April 28 2004 } Bill clinton blasts dependence on asian currency Bmw bets on rebound for falling us dollar { March 18 2004 } Bonds plunge as US debt loses its appeal { June 12 2007 } Britain recolonization of america Buffet bets 21 billion against the dollar Buffet warns us deluging the world with dollars Bush bid weaken dollar against asia { September 24 2003 } Bush renominates greenspan for fifth term { May 18 2004 } Bush urges china on market based currency { October 2005 } Bush wants dollar drop against china currency { May 2008 } Bush weak dollar policy receiving praise Bush welcomes devalued dollar { November 8 2004 } Central banks reduce dollar holdings Central banks shift funds away from the US { January 24 2005 } Cheaper dollar scares foriegn investors { November 14 2004 } China continues to over value the dollar { April 2007 } China rumored selling dollars causing fall { November 7 2004 } China threatens to crash dollar { July 2007 } Citibank held pinochet accounts { March 16 2005 } Currency dissent Dollar decline after slow in rate hikes { December 2006 } Dollar depends on foreign investments { June 2007 } Dollar falls after europe urges asia to strengthen currency Dollar falls against euro betting on rate cuts { February 2008 } Dollar falls against yen and euro { February 2007 } Dollar falls further against euro { June 2007 } Dollar falls market ponders china surpise interest hike Dollar falls to record on china plans to diversity Dollar hits all time low versus euro { June 2007 } Dollar hits new low against euro { August 2007 } Dollar new low against euro nov 17 2004 Dollar record low as oil record high { October 29 2007 } Dollar rises six days before election Dollar sinks as fed cuts rates { August 2007 } Dollar under fire from all sides Dollar value climbs against euro { October 2005 } Dollars rises betting no more rate cuts { March 2008 } Dumping of dollar could trigger economic september 11 { August 29 2005 } Economists incorrectly claim high oil cause inflation Egyptian pound falls after unpegged from dollar { January 30 2004 } Exchange rates by short run currency trading { February 2005 } Fall dollar for trade imbalances Father of euro calls for global currency Fed raises interest on inflation risk Financial firms are less risk for IRS audits { April 11 2005 } Foreigners nervous about their dollar assets { October 16 2007 } G7 urge more flexibility currency Germany warns bush over dollar weakness { February 26 2004 } Gold falls to 5 week low on interest rate concerns Gold up as dollar weakens { June 2007 } Greenspan caters to inflation hawks Greenspan lets dollar slide raises gold Greenspan not worried from weakened dollar Greenspan replacement says print infinite money { October 25 2005 } Greenspan warns deficits pose risk to dollar { November 19 2004 } Growing fears of credit boom bursting { March 13 2005 } Imf advice Zimbabwe cause inflation { April 16 2004 } Inflation caused by printing too much money Inflation up when oil prices down { July 18 2007 } International buying of US assets increase { June 2007 } Investor says avoid dollar at all costs { June 30 2008 } Iran asks japan to stop paying using US dollar { June 2007 } Japan intervenes in dollar by weaken japanese currency Japan selling yen possibility causes yen fall Japan soaking up huge selling to strengthen dollar { March 8 2004 } Japan threatens to diverse central bank holdings Korean central bank will diversify reserves { April 6 2001 } Kuwait currency allowed to rise against dollar { May 11 2006 } Latin america incorporating US dollar { October 12 2007 } Long term rates stay low despite short term rates { September 20 2005 } Low interest trade deficit causes devaluing dollar Low value encourages investment outflows { January 5 2004 } Markets forcing fed to cut rates { September 2007 } No attempts to boost falling dollar Oil price strike puts inflation back on agenda { May 7 2004 } Oil soared as dollar fell { May 2008 } Overseas investors buy aggresively in US { January 20 2008 } Retail sales is two thirds of US economic Russia banks on europe not US Russia may switch to euro for currency stability South america plans single currency Strange dollar effect on the market Trade deficit swells to record 43bn { March 11 2004 } Trade gap narrows United nation pushing world currency US ballooning trade imbalances threatens world stability { April 7 2005 } US banks likely to fail over bad loans { May 29 2008 } Us issues color 20 bill { October 9 2003 } Us trade deficit threatens world economy { January 7 2004 } Us treasury may name currency manipulators { October 29 2003 } Venezuela dumps dollar reserves for euros { September 30 2005 } Warren buffett sees nowhere but down for dollar Weak dollar will help says greenspan White house says china is not manipulating money World bank board approves wolfowitz as next president { March 31 2005 } Yen sell off currency lower value Files Listed: 104

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