León Opposes Chavez Plan

Venezuelan Central Bank director Armando León urged President Hugo Chávez to alter his plan to use foreign currency reserves for social spending, saying the government should set aside windfall oil exports before they’re converted into reserves. Chávez wants to take $7.5 billion in “excess reserves” from the Central Bank to spend on infrastructure and social programs targeting the poor. The Central Bank’s foreign reserves have almost tripled to $25.7 billion from $9.3 billion in March 2002.