Chavez Rolling in the Money

Venezuela's foreign currency reserves have doubled in the past year to a record high, surpassing the country's foreign debt, as oil prices soared and restrictions on dollar purchases curbed imports and capital outflows.

Reserves in foreign currency rose to US$22.6 billion last week from $11 billion in January 2003, when President Hugo Chavez imposed the restrictions after a strike throttled oil output. Production has since recovered in the South American country and the price of Venezuelan oil has averaged $28.73 a barrel this year, more than $10 above the government's forecast.