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Venezuela: Capital flight reaches record

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Published: March. 18, 2008 at 1:10 AM

CARACAS, Venezuela, March 18 (UPI) -- Funds sent out of Venezuela reached a record high in 2007, according to a report by the country's central bank.

According to the bank, almost $19 billion in private Venezuelan capital was transferred offshore last year, El Nuevo Herald reported online Tuesday. That amount was a record since leftist Venezuelan President Hugo Chavez assumed office in 1998, the newspaper said.

The Central Bank's former chief economist, Jose Guerra, said there is a "strong mistrust of the national currency'' and ''a great uncertainty'' about the future of Venezuela under Chavez.

Topics: Hugo Chavez
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