Venezuela, RB | Total reserves (includes gold, current US$)

Total reserves comprise holdings of monetary gold, special drawing rights, reserves of IMF members held by the IMF, and holdings of foreign exchange under the control of monetary authorities. The gold component of these reserves is valued at year-end (December 31) London prices. Data are in current U.S. dollars. Development relevance: The balance of payments records an economy’s transactions with the rest of the world. Balance of payments accounts are divided into two groups: the current account, which records transactions in goods, services, primary income, and secondary income, and the capital and financial account, which records capital transfers, acquisition or disposal of nonproduced, nonfinancial assets, and transactions in financial assets and liabilities. The current account balance is one of the most analytically useful indicators of an external imbalance. A primary purpose of the balance of payments accounts is to indicate the need to adjust an external imbalance. Where to draw the line for analytical purposes requires a judgment concerning the imbalance that best indicates the need for adjustment. There are a number of definitions in common use for this and related analytical purposes. The trade balance is the difference between exports and imports of goods. From an analytical view it is arbitrary to distinguish goods from services. For example, a unit of foreign exchange earned by a freight company strengthens the balance of payments to the same extent as the foreign exchange earned by a goods exporter. Even so, the trade balance is useful because it is often the most timely indicator of trends in the current account balance. Customs authorities are typically able to provide data on trade in goods long before data on trade in services are available. Limitations and exceptions: Discrepancies may arise in the balance of payments because there is no single source for balance of payments data and therefore no way to ensure that the data are fully consistent. Sources include customs data, monetary accounts of the banking system, external debt records, information provided by enterprises, surveys to estimate service transactions, and foreign exchange records. Differences in collection methods - such as in timing, definitions of residence and ownership, and the exchange rate used to value transactions - contribute to net errors and omissions. In addition, smuggling and other illegal or quasi-legal transactions may be unrecorded or misrecorded. Statistical concept and methodology: The balance of payments (BoP) is a double-entry accounting system that shows all flows of goods and services into and out of an economy; all transfers that are the counterpart of real resources or financial claims provided to or by the rest of the world without a quid pro quo, such as donations and grants; and all changes in residents' claims on and liabilities to nonresidents that arise from economic transactions. All transactions are recorded twice - once as a credit and once as a debit. In principle the net balance should be zero, but in practice the accounts often do not balance, requiring inclusion of a balancing item, net errors and omissions.
Publisher
The World Bank
Origin
Bolivarian Republic of Venezuela
Records
63
Source
Venezuela, RB | Total reserves (includes gold, current US$)
year value
1960 615486000
1961 581329000
1962 583412200
1963 745526800
1964 832985200
1965 819985200
1966 778787400
1967 873902000
1968 1000929000
1969 935072000
1970 1046548900
1971 1584139131.0632
1972 2031779425.5457
1973 3193881779.5429
1974 8119250127.1343
1975 9970588618.8413
1976 9630263781.9611
1977 9602436275.3719
1978 8608724774.2041
1979 13187812580.641
1980 13359613704.524
1981 12719712433.461
1982 11814610376.284
1983 12014837512.193
1984 12434220776.135
1985 13998194165.202
1986 10917160674.74
1987 11510455565.464
1988 7793015712.5459
1989 8701843814.7554
1990 12732617576.93
1991 14718563242.272
1992 13381434153.959
1993 13692654316.516
1994 12459340632.282
1995 10715241770.582
1996 16019843786.826
1997 17703782561.634
1998 14728840876.64
1999 15110150345.585
2000 15898851162.522
2001 12264400222.642
2002 12106510810.765
2003 20820560020.651
2004 23408050057.213
2005 29802940547.695
2006 36715128120.244
2007 33759218864.924
2008 43065463087.278
2009 34317956993.546
2010 29665473906.39
2011 27934651458.856
2012 29468789162.686
2013 20275216409.446
2014 21454894042.424
2015 15625329211.522
2016 10150000483.512
2017 9794062064.6211
2018
2019
2020
2021
2022

Venezuela, RB | Total reserves (includes gold, current US$)

Total reserves comprise holdings of monetary gold, special drawing rights, reserves of IMF members held by the IMF, and holdings of foreign exchange under the control of monetary authorities. The gold component of these reserves is valued at year-end (December 31) London prices. Data are in current U.S. dollars. Development relevance: The balance of payments records an economy’s transactions with the rest of the world. Balance of payments accounts are divided into two groups: the current account, which records transactions in goods, services, primary income, and secondary income, and the capital and financial account, which records capital transfers, acquisition or disposal of nonproduced, nonfinancial assets, and transactions in financial assets and liabilities. The current account balance is one of the most analytically useful indicators of an external imbalance. A primary purpose of the balance of payments accounts is to indicate the need to adjust an external imbalance. Where to draw the line for analytical purposes requires a judgment concerning the imbalance that best indicates the need for adjustment. There are a number of definitions in common use for this and related analytical purposes. The trade balance is the difference between exports and imports of goods. From an analytical view it is arbitrary to distinguish goods from services. For example, a unit of foreign exchange earned by a freight company strengthens the balance of payments to the same extent as the foreign exchange earned by a goods exporter. Even so, the trade balance is useful because it is often the most timely indicator of trends in the current account balance. Customs authorities are typically able to provide data on trade in goods long before data on trade in services are available. Limitations and exceptions: Discrepancies may arise in the balance of payments because there is no single source for balance of payments data and therefore no way to ensure that the data are fully consistent. Sources include customs data, monetary accounts of the banking system, external debt records, information provided by enterprises, surveys to estimate service transactions, and foreign exchange records. Differences in collection methods - such as in timing, definitions of residence and ownership, and the exchange rate used to value transactions - contribute to net errors and omissions. In addition, smuggling and other illegal or quasi-legal transactions may be unrecorded or misrecorded. Statistical concept and methodology: The balance of payments (BoP) is a double-entry accounting system that shows all flows of goods and services into and out of an economy; all transfers that are the counterpart of real resources or financial claims provided to or by the rest of the world without a quid pro quo, such as donations and grants; and all changes in residents' claims on and liabilities to nonresidents that arise from economic transactions. All transactions are recorded twice - once as a credit and once as a debit. In principle the net balance should be zero, but in practice the accounts often do not balance, requiring inclusion of a balancing item, net errors and omissions.
Publisher
The World Bank
Origin
Bolivarian Republic of Venezuela
Records
63
Source