BofA estimated Venezuela had $77bn of assets available for sale or securitization at the end of the first quarter, down from $81 billion in 2014.
Venezuela’s reserves are dwindling after the price of oil, which accounts for 95 percent of the nation’s export revenue, fell 44 percent in the past year. Traders now see a 44 percent chance the country will default in the next year, the highest in the world and up from 34 percent a month ago.
Facing an ever-worsening shortage of hard currency, President Nicolas Maduro has pulled an average of $65 million a day from central bank reserves since the end of March.
Read the whole article online on Bloomberg here: The Sudden Plunge in Venezuela Dollar Reserves Alarms Creditors – Bloomberg Business