Venezuela’s international reserves fell
to a 12-year low of $15.3 billion as the South American country faces payments
on its dollar debt totaling $4.5 billion in October and November. Reserves fell
$614 million on Oct. 16, the central bank said Monday on its website. That’s
the lowest level since May 2003 and the biggest daily decline since June 3,
according to data compiled by Bloomberg. The country, which has seen dollar
revenue decline with oil prices, and its state-owned oil company, Petroleos de
Venezuela SA, have principal and interest payments of $1.5 billion due this
month and another $3 billion in November, according to data compiled by
Bloomberg. The government will likely be able to pay its debt due this year,
although there’s a 60 percent chance of default next year, Eurasia Group said
Monday. More…
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