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Venezuela, Oil Producers Buy Euro as Dollar, Oil Fall Posted: Monday, December 18, 2006 Venezuelan leader Hugo Chavez is directing a growing share of the country's oil profits into euros as the dollar and crude prices fall. The dollar, down 9.5 percent against the euro this year, may face more pressure in 2007 because Venezuela and oil producers from the United Arab Emirates to Indonesia plan to funnel more money into the single European currency. "The U.S. dollar has suffered a long process of deterioration," Domingo Maza Zavala, one of seven board members at the central bank of Venezuela, said in a Dec. 14 interview. "The diversification strategy started this year." Full Article : bloomberg.com |
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