Currently released so far... 64621 / 251,287

### Articles

Brazil Sri Lanka United Kingdom Sweden 00. Editorial United States Latin America Egypt Jordan Yemen Thailand

### Browse latest releases

2010/11 2010/12 2011/01 2011/02 2011/03 2011/04 2011/05 2011/06 2011/07 2011/08
2010/11/28 2010/11/29 2010/11/30
2010/12/01 2010/12/02 2010/12/03 2010/12/04 2010/12/05 2010/12/06 2010/12/07 2010/12/08 2010/12/09 2010/12/10 2010/12/11 2010/12/12 2010/12/13 2010/12/14 2010/12/15 2010/12/16 2010/12/17 2010/12/18 2010/12/19 2010/12/20 2010/12/21 2010/12/22 2010/12/23 2010/12/25 2010/12/26 2010/12/27 2010/12/28 2010/12/29 2010/12/30
2011/01/01 2011/01/02 2011/01/04 2011/01/05 2011/01/07 2011/01/09 2011/01/11 2011/01/12 2011/01/13 2011/01/14 2011/01/15 2011/01/16 2011/01/17 2011/01/18 2011/01/19 2011/01/20 2011/01/21 2011/01/22 2011/01/23 2011/01/24 2011/01/25 2011/01/26 2011/01/27 2011/01/28 2011/01/29 2011/01/30 2011/01/31
2011/02/01 2011/02/02 2011/02/03 2011/02/04 2011/02/05 2011/02/06 2011/02/07 2011/02/08 2011/02/09 2011/02/10 2011/02/11 2011/02/12 2011/02/13 2011/02/14 2011/02/15 2011/02/16 2011/02/17 2011/02/18 2011/02/19 2011/02/20 2011/02/21 2011/02/22 2011/02/23 2011/02/24 2011/02/25 2011/02/26 2011/02/27 2011/02/28
2011/03/01 2011/03/02 2011/03/03 2011/03/04 2011/03/05 2011/03/06 2011/03/07 2011/03/08 2011/03/09 2011/03/10 2011/03/11 2011/03/13 2011/03/14 2011/03/15 2011/03/16 2011/03/17 2011/03/18 2011/03/19 2011/03/20 2011/03/21 2011/03/22 2011/03/23 2011/03/24 2011/03/25 2011/03/26 2011/03/27 2011/03/28 2011/03/29 2011/03/30 2011/03/31
2011/04/01 2011/04/02 2011/04/03 2011/04/04 2011/04/05 2011/04/06 2011/04/07 2011/04/08 2011/04/09 2011/04/10 2011/04/11 2011/04/12 2011/04/13 2011/04/14 2011/04/15 2011/04/16 2011/04/17 2011/04/18 2011/04/19 2011/04/20 2011/04/21 2011/04/22 2011/04/23 2011/04/24 2011/04/25 2011/04/26 2011/04/27 2011/04/28 2011/04/29 2011/04/30
2011/05/01 2011/05/02 2011/05/03 2011/05/04 2011/05/05 2011/05/06 2011/05/07 2011/05/08 2011/05/09 2011/05/10 2011/05/11 2011/05/12 2011/05/13 2011/05/14 2011/05/15 2011/05/16 2011/05/17 2011/05/18 2011/05/19 2011/05/20 2011/05/21 2011/05/22 2011/05/23 2011/05/24 2011/05/25 2011/05/26 2011/05/27 2011/05/28 2011/05/29 2011/05/30 2011/05/31
2011/06/01 2011/06/02 2011/06/03 2011/06/04 2011/06/05 2011/06/06 2011/06/07 2011/06/08 2011/06/09 2011/06/10 2011/06/11 2011/06/12 2011/06/13 2011/06/14 2011/06/15 2011/06/16 2011/06/17 2011/06/18 2011/06/19 2011/06/20 2011/06/21 2011/06/22 2011/06/23 2011/06/24 2011/06/25 2011/06/26 2011/06/27 2011/06/28 2011/06/29 2011/06/30
2011/07/01 2011/07/02 2011/07/04 2011/07/05 2011/07/06 2011/07/07 2011/07/08 2011/07/10 2011/07/11 2011/07/12 2011/07/13 2011/07/14 2011/07/15 2011/07/16 2011/07/17 2011/07/18 2011/07/19 2011/07/20 2011/07/21 2011/07/22 2011/07/23 2011/07/25 2011/07/27 2011/07/28 2011/07/29 2011/07/31
2011/08/01 2011/08/02 2011/08/03 2011/08/05 2011/08/06 2011/08/07 2011/08/08 2011/08/09 2011/08/10 2011/08/11 2011/08/12 2011/08/13 2011/08/15 2011/08/16 2011/08/17 2011/08/18 2011/08/19 2011/08/21 2011/08/22 2011/08/23 2011/08/24

### Browse by creation date

66 72 73 75 79 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10
1966/12
1972/02 1972/03 1972/08
1973/04 1973/10
1975/03
1979/08
1985/01 1985/02 1985/03 1985/05 1985/06 1985/10
1986/02 1986/05 1986/08 1986/09 1986/11 1986/12
1987/04 1987/06 1987/09 1987/12
1988/01 1988/03 1988/04 1988/07 1988/08 1988/09 1988/10 1988/11 1988/12
1989/01 1989/03 1989/04 1989/06 1989/09 1989/11 1989/12
1990/01 1990/02 1990/03 1990/07 1990/08 1990/10 1990/11 1990/12
1991/01 1991/03 1991/05 1991/06 1991/07 1991/08 1991/09 1991/11
1992/01 1992/03 1992/06 1992/07 1992/09 1992/11 1992/12
1993/01 1993/02 1993/04 1993/07 1993/10 1993/12
1994/05 1994/06 1994/08 1994/11 1994/12
1995/01 1995/04 1995/06 1995/08 1995/09 1995/10 1995/11
1996/07 1996/08 1996/09 1996/11
1997/01 1997/02 1997/03 1997/05 1997/06 1997/08 1997/10 1997/11 1997/12
1998/02 1998/05 1998/07 1998/08 1998/11 1998/12
1999/01 1999/09 1999/10 1999/11 1999/12
2000/04 2000/05 2000/06 2000/07 2000/08 2000/09 2000/10 2000/11 2000/12
2001/01 2001/02 2001/03 2001/04 2001/05 2001/06 2001/07 2001/08 2001/09 2001/10 2001/11 2001/12
2002/01 2002/02 2002/03 2002/04 2002/05 2002/06 2002/07 2002/08 2002/09 2002/10 2002/11 2002/12
2003/01 2003/02 2003/03 2003/04 2003/05 2003/06 2003/07 2003/08 2003/09 2003/10 2003/11 2003/12
2004/01 2004/02 2004/03 2004/04 2004/05 2004/06 2004/07 2004/08 2004/09 2004/10 2004/11 2004/12
2005/01 2005/02 2005/03 2005/04 2005/05 2005/06 2005/07 2005/08 2005/09 2005/10 2005/11 2005/12
2006/01 2006/02 2006/03 2006/04 2006/05 2006/06 2006/07 2006/08 2006/09 2006/10 2006/11 2006/12
2007/01 2007/02 2007/03 2007/04 2007/05 2007/06 2007/07 2007/08 2007/09 2007/10 2007/11 2007/12
2008/01 2008/02 2008/03 2008/04 2008/05 2008/06 2008/07 2008/08 2008/09 2008/10 2008/11 2008/12
2009/01 2009/02 2009/03 2009/04 2009/05 2009/06 2009/07 2009/08 2009/09 2009/10 2009/11 2009/12
2010/01 2010/02

### Browse by origin

A B C D F G H I J K L M N O P Q R S T U V W Y Z
Embassy Athens Embassy Asuncion Embassy Astana Embassy Asmara Embassy Ashgabat Embassy Apia Embassy Antananarivo Embassy Ankara Embassy Amman Embassy Algiers Embassy Addis Ababa Embassy Accra Embassy Abuja Embassy Abu Dhabi Embassy Abidjan Consulate Auckland Consulate Amsterdam Consulate Alexandria Consulate Adana American Institute Taiwan, Taipei
Embasy Bonn Embassy Bujumbura Embassy Buenos Aires Embassy Budapest Embassy Bucharest Embassy Brussels Embassy Bridgetown Embassy Brazzaville Embassy Bratislava Embassy Brasilia Embassy Bogota Embassy Bishkek Embassy Bern Embassy Berlin Embassy Belmopan Embassy Belgrade Embassy Beirut Embassy Beijing Embassy Banjul Embassy Bangui Embassy Bangkok Embassy Bandar Seri Begawan Embassy Bamako Embassy Baku Embassy Baghdad Consulate Belfast Consulate Barcelona
Embassy Cotonou Embassy Copenhagen Embassy Conakry Embassy Colombo Embassy Chisinau Embassy Caracas Embassy Canberra Embassy Cairo Consulate Curacao Consulate Ciudad Juarez Consulate Chiang Mai Consulate Chennai Consulate Chengdu Consulate Casablanca Consulate Cape Town Consulate Calgary
Embassy Dushanbe Embassy Dublin Embassy Doha Embassy Djibouti Embassy Dili Embassy Dhaka Embassy Dar Es Salaam Embassy Damascus Embassy Dakar DIR FSINFATC Consulate Dusseldorf Consulate Durban Consulate Dubai Consulate Dhahran
Embassy Freetown Consulate Fukuoka Consulate Frankfurt
Embassy Guatemala Embassy Grenada Embassy Georgetown Embassy Gaborone Consulate Guayaquil Consulate Guangzhou Consulate Guadalajara
Embassy Helsinki Embassy Harare Embassy Hanoi Consulate Hong Kong Consulate Ho Chi Minh City Consulate Hermosillo Consulate Hamilton Consulate Hamburg Consulate Halifax
Iran RPO Dubai Embassy Islamabad Consulate Izmir Consulate Istanbul
Embassy Jakarta Consulate Johannesburg Consulate Jerusalem Consulate Jeddah
Embassy Kyiv Embassy Kuwait Embassy Kuala Lumpur Embassy Kolonia Embassy Kinshasa Embassy Kingston Embassy Kigali Embassy Khartoum Embassy Kathmandu Embassy Kampala Embassy Kabul Consulate Krakow Consulate Kolkata Consulate Karachi
Embassy Luxembourg Embassy Lusaka Embassy Luanda Embassy London Embassy Lome Embassy Ljubljana Embassy Lisbon Embassy Lima Embassy Lilongwe Embassy Libreville Embassy La Paz Consulate Leipzig Consulate Lahore Consulate Lagos
Mission USOSCE Mission USNATO Mission UNESCO Mission Geneva Embassy Muscat Embassy Moscow Embassy Montevideo Embassy Monrovia Embassy Mogadishu Embassy Minsk Embassy Mexico Embassy Mbabane Embassy Maseru Embassy Maputo Embassy Manila Embassy Manama Embassy Managua Embassy Malabo Embassy Madrid Consulate Munich Consulate Mumbai Consulate Montreal Consulate Monterrey Consulate Milan Consulate Merida Consulate Melbourne Consulate Matamoros Consulate Marseille
Embassy Nouakchott Embassy Nicosia Embassy Niamey Embassy New Delhi Embassy Ndjamena Embassy Nassau Embassy Nairobi Consulate Nuevo Laredo Consulate Naples Consulate Naha Consulate Nagoya
Embassy Ouagadougou Embassy Ottawa Embassy Oslo
Embassy Pristina Embassy Pretoria Embassy Praia Embassy Prague Embassy Port Of Spain Embassy Port Moresby Embassy Port Louis Embassy Port Au Prince Embassy Podgorica Embassy Phnom Penh Embassy Paris Embassy Paramaribo Embassy Panama Consulate Peshawar
Embassy Quito Consulate Quebec
REO Mosul REO Kirkuk REO Hillah REO Basrah Embassy Rome Embassy Riyadh Embassy Riga Embassy Reykjavik Embassy Rangoon Embassy Rabat Consulate Rio De Janeiro Consulate Recife
Secretary of State Embassy Suva Embassy Stockholm Embassy Sofia Embassy Skopje Embassy Singapore Embassy Seoul Embassy Sarajevo Embassy Santo Domingo Embassy Santiago Embassy Sanaa Embassy San Salvador Embassy San Jose Consulate Surabaya Consulate Strasbourg Consulate St Petersburg Consulate Shenyang Consulate Shanghai Consulate Sapporo Consulate Sao Paulo
Embassy Tunis Embassy Tripoli Embassy Tokyo Embassy Tirana Embassy The Hague Embassy Tel Aviv Embassy Tehran Embassy Tegucigalpa Embassy Tbilisi Embassy Tashkent Embassy Tallinn Consulate Toronto Consulate Tijuana Consulate Thessaloniki
USUN New York USMISSION USTR GENEVA USEU Brussels US Office Almaty US Mission Geneva US Mission CD Geneva US Interests Section Havana US Delegation, Secretary US Delegation FEST TWO UNVIE UN Rome Embassy Ulaanbaatar
Embassy Vilnius Embassy Vientiane Embassy Vienna Embassy Vatican Embassy Valletta Consulate Vladivostok Consulate Vancouver
Embassy Windhoek Embassy Wellington Embassy Warsaw
Embassy Yerevan Embassy Yaounde Consulate Yekaterinburg
Embassy Zagreb

### Browse by tag

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
AMGT ASEC AEMR AR APECO AU AORC AS ADANA AJ AF AFIN AMED AM ABLD AFFAIRS AMB APER ACOA AG AA AE ABUD ARABL AO AND ASECKFRDCVISKIRFPHUMSMIGEG AID AL ASCH AADP AORD ADM AINF AINT ASEAN AORG AY ABT ARF AGOA AVIAN APEC ANET AGIT ASUP ATRN ASECVE ALOW AODE AGUILAR AN ADB ASIG ADPM AT ACABQ AGR ASPA AFSN AZ AC ALZUGUREN ANGEL AIAG AFSI ASCE ABMC ANTONIO AIDS ASEX ADIP ALJAZEERA AFGHANISTAN ASECARP AROC ASE ABDALLAH ADCO AMGMT AMCHAMS AGAO ACOTA ANARCHISTS AMEDCASCKFLO AK ARSO ARABBL ASO ANTITERRORISM AGRICULTURE AFINM AOCR ARR AFPK ASSEMBLY AORCYM AINR ACKM AGMT AEC APRC AIN AFPREL ASFC ASECTH AFSA ANTXON AFAF AFARI AX AMER ASECAF ASECAFIN AFZAL APCS AGUIRRE AIT ARCH AEMRASECCASCKFLOMARRPRELPINRAMGTJMXL AOPC AMEX ARM ALI AQ ATFN AMBASSADOR AORCD AVIATION ARAS AINFCY ACBAQ AOPR AREP ALEXANDER AMTC AOIC ABLDG ASEK AER ALOUNI AMCT AVERY APR AMAT AEMRS AFU AMG ATPDEA ALL AORL ACS AECL AUC ACAO
BA BR BB BG BEXP BY BRUSSELS BU BD BTIO BK BL BO BE BMGT BM BN BWC BBSR BTT BX BC BH BEN BUSH BF BHUM BILAT BT BTC BMENA BBG BOND BAGHDAD BAIO BP BRPA BURNS BUT BGMT BCW BOEHNER BOL BASHAR BOU BIDEN BTRA BFIN BOIKO BZ BERARDUCCI BOUCHAIB BEXPC BTIU
CPAS CA CASC CS CBW CIDA CO CODEL CI CROS CU CH CWC CMGT CVIS CDG CTR CG CF CD CHIEF CJAN CBSA CE CY CB CW CM CDC COUNTRY CLEARANCE CHR CT COE CV COUNTER CN CPUOS CTERR CVR CVPR COUNTRYCLEARANCE CLOK CONS CITES COM CONTROLS CAN CACS CR CACM CVISCMGTCASCKOCIASECPHUMSMIGKIRF COMMERCE CAMBODIA CZ CJ CFIS CASCC COUNTERTERRORISM CAS CONDOLEEZZA CLINTON CTBT CEN CRISTINA CFED CARC CTM CARICOM CSW CICTE CJUS CYPRUS CNARC CBE CMGMT CARSON CWCM CIVS CENTCOM COPUOS CAPC CGEN CKGR CITEL CQ CITT CIC CARIB CVIC CAFTA CVISU CHRISTOPHER CDB CEDAW CNC COMMAND CENTER COL CAJC CUIS CONSULAR CLMT CBC CIA CIS CEUDA CHINA CAC CL
DR DJ DEMOCRATIC DEMARCHE DA DOMESTIC DISENGAGEMENT DRL DB DE DHS DAO DCM DHSX DARFUR DAVID DO DEAX DEFENSE DEA DTRO DPRK DARFR DOC DK DTRA DAC DOD DIEZ DMINE DRC DCG DPKO DOT DEPT DOE DS DKEM
ECON ETTC EFIS ETRD EC EMIN EAGR EAID EFIN EUN ECIN EG EWWT EINV ENRG ELAB EPET EIND EN EAIR EUMEM ECPS ES EI ELTN ET EZ EU ER EINT ENGR ECONOMIC ENIV EK EFTA ETRN EMS EPA ESTH ENRGMO EET EEB EXIM ECTRD ELNT ETRA ENV EAG EREL ENVIRONMENT ECA EAP ECONOMY EINDIR EDUARDO ETR EUREM ELECTIONS ETRC EICN EXPORT EMED EARG EGHG EINF ECIP EID ETRO EAIDHO EENV EURM EPEC ERNG ENERG EIAD EAGER EXBS ED ELAM EWT ENGRD ERIN ECO EDEV ECE ECPSN ENGY EL EXIMOPIC ETRDEC ECCT EINVECON EUR ENRGPARMOTRASENVKGHGPGOVECONTSPLEAID EFI ECOSOC EXTERNAL ESCAP EITC ETCC EENG ERA ENRD EBRD ENVR ETRAD EPIN ECONENRG EDRC ETMIN ELTNSNAR ECHEVARRIA ELAP EPIT EDUC ESA EAIDXMXAXBXFFR EETC EIVN EBEXP ESTN EGOV ECOM EAIDRW ETRDEINVECINPGOVCS ETRDGK ENVI ELN EPRT EPCS EPTED ERTD EUM EAIDS ETRB EFINECONEAIDUNGAGM EDU EV EAIDAF EDA EINTECPS EGAD EPREL EINVEFIN ECLAC EUCOM ECCP ELDIN EIDN EINVKSCA ENNP EFINECONCS EFINTS ETC EAIRASECCASCID EINN ETRP EFQ ECOQKPKO EGPHUM EBUD ECONEINVEFINPGOVIZ ECPC ECONOMICS ENERGY EIAR EINDETRD ECONEFIN ECOWAS EURN ETRDEINVTINTCS EFIM ETIO EATO EIPR EINVETC ETTD ETDR EIQ ECONCS ENRGIZ EAC ESPINOSA EAIG ENTG EUC ERD EINVECONSENVCSJA EEPET EUNCH ESENV ECINECONCS ETRDECONWTOCS ECUN
FR FI FOREIGN FARM FAO FK FCSC FREEDOM FARC FAS FJ FIN FINANCE FAC FBI FTAA FM FCS FAA FETHI FRB FRANCISCO FORCE FTA FT FMGT FCSCEG FDA FERNANDO FINR FIR FDIC FOR FOI FKLU FO FMLN FISO
GM GERARD GT GA GG GR GTIP GB GH GZ GV GE GAZA GY GJ GEORGE GOI GCC GMUS GI GABY GLOBAL GUAM GC GOMEZ GUTIERREZ GL GOV GKGIC GF GU GWI GARCIA GTMO GANGS GIPNC GAERC GREGG GUILLERMO GASPAR
HA HYMPSK HO HK HUMAN HR HU HN HHS HIV HURI HDP HUD HUMRIT HSWG HUMANITARIAN HIGHLIGHTS HUM HUMANR HL HILLARY HSTC HCOPIL HADLEY HOURANI HARRIET HESHAM HI HNCHR HEBRON HUMOR
IZ IN IAEA IS IMO ILO IR IC IT ITU ID IV IMF IBRD IWC ICAO INF ICRC IO IPR IRAQI ISO IK ISRAELI IDB INFLUENZA IRAQ INL IQ ICES IRMO IRAN ISCON IGAD ITALY INTERNAL ILC ISSUES ICCAT IADB ICTY ICTR ITPGOV ITALIAN IQNV IRDB INMARSAT INCB INRB ICJ ISRAEL INR IFO ITRA IEA ISPA IOM ITRD IL IHO IFAD IPROP IDLI ISCA INV IBB ISPL INRA INTELSAT ISAF IRS IEF ITER ISAAC ICC INDO IIP IATTC IND INS IZPREL IAHRC IEFIN IACI INNP IA INTERPOL IFIN IRAJ IX IF ITPHUM ITA IP IZEAID IRPE IDA ISLAMISTS ITF INRO IBET IDP IRC
JA JM JO JCIC JKJUS JP JK JOSEPH JOSE JAPAN JOHN JE JS JUS JN JOHNNIE JKUS JAMES JML JAWAD JIMENEZ
KMDR KPAO KOMC KNNP KFLO KDEM KSUM KIPR KFLU KE KCRM KJUS KAWC KZ KSCA KDRG KCOR KGHG KPAL KTIP KMCA KCRS KPKO KOLY KRVC KVPR KG KWBG KTER KS KN KSPR KWMN KV KTFN KFRD KU KSTC KSTH KISL KGIC KAPO KSEP KDP KFIN KTEX KTIA KUNR KCMR KCIP KMOC KTDB KBIO KMPI KSAF KFEM KUNC KPRV KIRC KACT KRMS KNPT KMFO KHIV KHLS KPWR KCFE KREC KRIM KHDP KVIR KNNNP KCEM KIRF KGIT KLIG KNUP KSAC KNUC KFRDCVISCMGTCASCKOCIASECPHUMSMIGEG KTBT KSCI KIDE KPGOV KLPM KTDD KOCI KNNC KOMS KBCT KLFU KLAB KSEO KICC KJUST KUWAIT KSEC KUK KEDEM KJRE KMRS KSRE KREISLER KSCS KPIR KPOA KESS KCOM KWIR KIVP KRCM KGLB KPOW KPOL KSEAO KNAP KCUL KPREL KREF KPRP KICA KPMI KPRM KQ KPOP KFSC KPFO KPALAOIS KRM KBWG KCORR KVRC KR KFTN KTTB KNAR KINR KWN KCSY KIIP KPRO KREL KFPC KW KWM KRFD KFLOA KMCC KIND KNEP KHUM KSKN KT KOMO KDRL KTFIN KSOC KPO KGIV KSTCPL KSI KNNB KNDP KICCPUR KDMR KFCE KIMMITT KMNP KOMCSG KGCC KRAD KCRP KAUST KWAWC KCHG KRDP KPAS KITA KMSG KTIAPARM KPAOPREL KWGB KIRP KMIG KSEI KLSO KWNN KHSA KCRIM KNPP KPAONZ KWWW KGHA KY KCRCM KGCN KPLS KPAOY KRIF KTRD KTAO KJU KBTS KWMNPHUMPRELKPAOZW KO KEMR KENV KEAI KWAC KFIU KWIC KNNO KPAI KTBD KILS KPA KRCS KWBGSY KNPPIS KNNPMNUC KERG KLTN KLIP KTLA KAWK KVRP KAID KX KWCI KNPR KCFC KNEI KFTFN KTFM KCERS KDEMAF KMEPI KEMS KDRM KBTR KEDU KIRL KNNR KMPT KPDD KPIN KDEV KAKA KFRP KINL KWWMN KWBC KA KOM KWNM KFRDKIRFCVISCMGTKOCIASECPHUMSMIGEG KRGY KNNF KICR KIFR KWMNCS KPAK KDDG KCGC KID KNSD KMPF KWMM
LY LE LABOR LH LN LO LAB LT LAURA LTTE LG LU LI LA LB LOTT LORAN LAW LVPR LARREA LEBIK LS LOVE LR LEON LAVIN LOG
MU MARR MX MASS MOPS MNUC MCAP MTCRE MRCRE MTRE MASC MY MK MDC MG MO MEPN MW MILI MCC MR MEDIA MZ MEPP MOPPS MA MAS MI MP MIL MV MC MD MCA MT MARITIME MOPSGRPARM MAAR MOROCCO MCAPS MOOPS ML MN MEPI MNUCPTEREZ MTCR MUNC MPOS MONUC MAR MGMT MENDIETA MARIA MONTENEGRO MURRAY MOTO MACP MINUSTAH MCCONNELL MGT MARQUEZ MANUEL MNUR MF MOHAMMAD MAPP MOHAMED MNU MFA MTS MLS MIAH MEETINGS MERCOSUR MED MARAD MNVC MINURSO MIK MARK MBM MILITARY MAPS MILA MACEDONIA MICHEL MASSMNUC MUCN MQADHAFI MPS MARRGH
NZ NATO NI NO NU NG NL NPT NS NP NA NASA NSF NTTC NAS NEA NANCY NSG NRR NATIONAL NKNNP NMNUC NSC NC NE NR NARC NGO NELSON NATEU NDP NIH NK NIPP NERG NSSP NSFO NATSIOS NFSO NTDB NT NCD NEGROPONTE NATOIRAQ NAR NZUS NCCC NH NAFTA NEW NRG NUIN NOVO NATOPREL NEY NV NICHOLAS NPA NW NORAD NPG NOAA
OPRC OPDC OTRA OECD OVIP OREP ODC OIIP OAS OSCE OPIC OMS OIC OFDA OEXC OFDP OPCW OCED OIE OSCI OM OPAD ODIP OPCD OCII ORUE ODPC OPPI ORA OCEA OREG OUALI OMIG ODAG OPREP OFFICIALS OSAC OEXP OPEC OFPD OMAR ORC OAU OPDP OIL OVIPPRELUNGANU OSHA OTRD OPCR OF OFDPQIS OSIC OHUM OTR OBSP OGAC OTRAORP OESC OVP ON OES OTAR OCS
PREL PGOV PARM PINR PHUM PM PREF PTER PK PINS PBIO PHSA PE PBTS PA PL POL PAK POV POLITICS POLICY PROP PRELTBIOBA PKO PO PIN PNAT PU PHAM PALESTINIAN PTERPGOV PGOVPREL PKPA PHYTRP PP PTEL PREC PENA PRM PELOSI PAS PRELAF PRE PUNE PSOE POLM PRELKPAO PIRF PGPV PARMP PRELL PVOV PROV POLUN PS PHUMPTER PROG PRELGOV PERSONS PERURENA PKK PRGOV PH POLITICAL PLAB PDEM PCI PRL PREM PINSO PEREZ PPAO PERM PETR PERL PBS PGOVZI PINT PARMS PCON PETERS PRELBR PMIL PSOCI PF PLO PNUM PTERM PJUS PNIR PHUMKPAL PG PREZ PGIC PAO PTBS PROTECTION PRELPK PGOVENRG PRELKPKO PATTY PSOC PARTIES PRELSP PGOVEAIDUKNOSWGMHUCANLLHFRSPITNZ PMIG PAIGH PARK PETER PPREL PTERPREL PHUS PKPO PGOVECON POUS PMAR PWBG PAR PARMIR PGOVGM PHUH PTE PY PPEL PDOV PGOVSOCI PGOVPM PRELEVU PGOR PRELKPAOIZ PBTSRU PGVO PHUMR PPD PGV PRAM PINL PSI PKPAL PPA PTERE PGOF PINO PREO PHAS PRHUM PHUMA PGO PAC PRESL PORG PKFK PEPR PRELP PREFA PNG PFOR PGOVLO PHUMBA PREK PHUME PHJM POLINT PGOVE PHALANAGE PARTY PECON PEACE PROCESS PLN PEDRO PASS PCUL PGGV PSA PGOVSMIGKCRMKWMNPHUMCVISKFRDCA PGIV PHUMPREL PRFE POGOV PEL PBT PAMQ PINF PSEPC POSTS PAHO PHUMPGOV PGOC PNR
QA QI QT QM QADRI
RS RP RU RW RFE RCMP RIGHTSPOLMIL REFORM RO REACTION REPORT ROW ROBERT REL RIGHTS RA RELATIONS REGION RAFAEL REGIONAL RAY ROBERTG RPREL RAMONTEIJELO RM RATIFICATION RREL RBI RICE ROOD RODENAS RUIZ RELFREE RODHAM RGY RUEHZO RELIGIOUS RODRIGUEZ RUEUN RELAM RSP RF REO ROSS RENE RUPREL RI REMON RPEL RSO
SCUL SENV SOCI SZ SNAR SO SP SU SY SMIG SYR SA SW SG SF SR SYRIA SNARM SPECIALIST START SNIG SCI SI SGWI SE SIPDIS SANC SADC SELAB SN SETTLEMENTS SENVENV SCIENCE SENS SPCE SENC SCOM SPAS SECURITY SL SOCIETY SOSI SENVEAGREAIDTBIOECONSOCIXR SEN SPECI ST SENVCASCEAIDID SC SECRETARY STR SNA SOCIS SEP SK SHUM SYAI SMIL STEPHEN SNRV SKCA SENSITIVE SECI SCUD SCRM SGNV SECTOR SAARC SENVSXE SASIAIN SWMN STEINBERG SOPN SOCR SCRS SILVASANDE SWE SARS SNARIZ SUDAN SENVQGR SNARKTFN SAAD SD SAN SIPRNET SM STATE SFNV SSA SPCVIS SOFA SCULKPAOECONTU SPTER SKSAF SENVKGHG SHI SEVN SPSTATE SMITH SH SNARCS SNARN SIPRS
TBIO TW TRGY TSPA TU TPHY TI TX TH TIP TC TSPL TNGD TS TZ TP TK TURKEY TERRORISM TPSL TINT TRSY TERFIN TPP TT TF TECHNOLOGY TE TAGS TECH TRAFFICKING TN TJ TL TO TD TREATY TR TA TIO THPY TPSA TRAD TNDG TVBIO TWI TV TWL TWRO TAUSCHER TRBY TSPAM TREL TRT TNAR TFIN TPHYPA TWCH THOMMA THOMAS TERROR TRY TBID
UK UNESCO UNSC UNGA UN US UZ USEU UG UP UNAUS UNMIK USTR UY UNSCD USUN UV UNDC UNRWA UNPUOS USAID UNSCR UNODC UNHCR UNRCR UNDP UNCRIME UA UNHRC UNEP UNBRO UNCSD UNO UNCND UNCHR USTRUWR USAU UNICEF UNCC USPS UNOMIG UNESCOSCULPRELPHUMKPALCUIRXFVEKV UNFICYP UR UNAMA UNCITRAL UNVIE USTDA USNC USTRPS USCC UNEF UNGAPL UNSCE USSC UEU UNMIC UNTAC USDA UNCLASSIFIED UNA UNCTAD UNMOVIC USGS UNFPA UNSE USOAS USG UE UAE UNWRA UNION UNCSW UNCHS UNDESCO UNC UB UNSCS UKXG UNGACG UNHR USPTO UNCHC UNFCYP UNIDROIT
VM VE VT VZ VN VEPREL VEN VTPREL VC VIP VTEG VOA VTEAID VTIZ VISIT VO VENZ VAT VI
WHTI WIPO WTRO WHO WI WFP WHA WTO WMO WEET WZ WBG WS WE WA WEF WAKI WILLIAM WHOA WSIS WCI WCL WMN WEBZ WW WWBG WMD WWT WWARD WITH WMDT WTRQ WCO WALTER WEU WB WBEG
XA XX XW XK XL XM XS XF XG XT XY XR XH XB XO XD XV XI XE XC XJ XU XZ XQ XP XFNEA XTAG
YM YI YE YMOEXC YL YMCS YOUSSEF
ZI ZU ZM ZK ZL ZP ZOELLICK ZF ZR ZA ZCTU ZO ZIM ZANU ZJ ZB ZN ZH ZT ZFR ZEALAND ZW ZXA

### Browse by classification

CONFIDENTIAL CONFIDENTIAL//NOFORN SECRET SECRET//NOFORN UNCLASSIFIED UNCLASSIFIED//FOR OFFICIAL USE ONLY

### Community resources

Follow us on Twitter Check our Reddit Twitter this Digg this page Contact us on IRC

courage is contagious

### Viewing cable 04CARACAS1479, VENEZUELA MACROECONOMIC UPDATE

If you are new to these pages, please read an introduction on the structure of a cable as well as how to discuss them with others. See also the FAQs
Understanding cables
Every cable message consists of three parts:

- The top box shows each cables unique reference number, when and by whom it originally was sent, and what its initial classification was.
- The middle box contains the header information that is associated with the cable. It includes information about the receiver(s) as well as a general subject.
- The bottom box presents the body of the cable. The opening can contain a more specific subject, references to other cables (browse by origin to find them) or additional comment. This is followed by the main contents of the cable: a summary, a collection of specific topics and a comment section.

To understand the justification used for the classification of each cable, please use this WikiSource article as reference.
Discussing cables
If you find meaningful or important information in a cable, please link directly to its unique reference number. Linking to a specific paragraph in the body of a cable is also possible by copying the appropriate link (to be found at theparagraph symbol). Please mark messages for social networking services like Twitter with the hash tags #cablegate and a hash containing the reference ID e.g. #04CARACAS1479.

Reference ID | Created | Released | Classification | Origin
--- | --- | --- | --- | ---
04CARACAS1479 | 2004-05-03 16:26 | 2011-08-24 01:00 | UNCLASSIFIED | Embassy Caracas

`

    This record is a partial extract of the original cable. The full text of the original cable is not available.

` `

    UNCLAS  CARACAS 001479

    SIPDIS

    STATE FOR WHA/AND, WHA/EPSC, EB
    TREASURY FOR OASIA - GIANLUCA SIGNORELLI
    USCINCSO FOR POLAD

    E.O. 12958: N/A
    TAGS: ECON EFIN PGOV VE
    SUBJECT: VENEZUELA MACROECONOMIC UPDATE

    --------
    OVERVIEW
    --------

    ¶1. (U) Venezuela's most recently published economic
    indicators illustrate the negative effects of deep
    recession, exchange and price controls, and chronic fiscal
    deficits. Strong international reserves position and high
    average oil prices have contributed to reduce the country
    risk and facilitated the partial public external debt
    refinancing. However, the current political uncertainty is
    affecting the economic decision-making for both the private
    and public sectors. NOTE: Most official data reported here
    does not include Q1 of 2004.

    ---------------
    ECONOMIC GROWTH
    ---------------

    ¶2. (U) Total GDP decreased 9.2 percent in real terms during
    2003 compared with the previous year. This figure was the
    steepest decline in Venezuelan history. The hardest-hit
    sectors were construction (-37.4 percent), commerce (-12.0
    percent), petroleum (-10.7 percent), and manufacturing
    (-10.6 percent). During the last quarter of 2003, Venezuela
    registered a GDP increase of 9 percent after seven
    consecutive quarters of economic recession. A recovery is
    foreseen during 2004 after two consecutive years of severe
    economic contraction.

                        REAL GDP GROWTH RATE
                            (PERCENTAGE)
                        --------------------

                           OIL      NON-OIL     TOTAL

    1994                   4.6       (4.5)      (2.8)
    1995                   7.1        2.5        4.0
    1996                   7.7       (2.5)      (0.2)
    1997                   9.4        4.2        6.4
    1998                   2.0       (0.9)       0.2
    1999                  (7.4)      (5.4)      (6.1)
    2000                   3.2        3.0        3.2
    2001                  (0.9)       4.0        2.8
    2002                 (12.6)      (6.5)      (8.9)
    2003(1)              (10.7)      (8.0)      (9.2)

    (1) Preliminary figures

    SOURCE:  Central Bank of Venezuela.

    ------------
    UNEMPLOYMENT
    ------------

    ¶3. (U) Second semester 2003 figures (the latest published as
    of April 28, 2004) from the National Institute of Statistics
    (INE) indicate an unemployment rate of 16.8 percent. This
    figure represents 2.01 million unemployed out of a labor
    force of 12.01 million, and a total population of 25.63
    million. Shifts in the work force from the formal to the
    informal sector of the economy, which accounts for more than
    a half of the occupied working labor force, have mitigated
    unemployment to some extent. However, some economists
    suggest that the informal sector may have reached its
    capacity to absorb new entrants.

        UNEMPLOYMENT (percentage in second semester)
        --------------------------------------------

    1996                              12.4
    1997                              10.6
    1998                              11.0
    1999                              14.5
    2000                              13.2
    2001                              12.8
    2002                              16.2
    2003                              16.8

    SOURCE:  GOV National Institute of Statistics (INE).

    --------------------------

    OIL PRODUCTION AND EXPORTS
    --------------------------

    ¶4. (U) Oil production and export reductions during 2003 were
    partially offset by the increase in the average export price
    during the year. The total value of oil exports reached USD
    20.8 billion in 2003 with an average export price of USD
    25.7 per barrel. Venezuela's OPEC production quota is 2.704
    million barrels a day starting on April 1, 2004. Oil prices
    have been increasing during 2004, reaching a record high of
    USD 30.9 per barrel during the last week of March.

              OIL PRODUCTION AND EXPORTS (THOUSAND B/D)
              -----------------------------------------
                                   AVERAGE
                                 EXPORT PRICE   EXPORTS
           PRODUCTION(2) EXPORTS   (USD/B)    (USD MILLION)

    1996      2,984      2,752       18.4        18,523
    1997      3,248      3,052       16.3        18,180
    1998      3,279      3,116       10.6        12,111
    1999      2,950      2,785       16.0        16,419
    2000      3,060      2,791       25.9        27,884
    2001      3,044      2,711       20.2        21,574
    2002      2,567      2,432       22.0        21,530
    2003 (3)  2,330      1,963       25.7        20,831

    (2) Crude oil, including condensates.
    (3) Preliminary figures.

    SOURCE: Central Bank of Venezuela, and private sector
    estimates.

    ---------------
    MONEY SUPPLY/M2
    ---------------

    ¶5. (U) Monetary liquidity increased 57.5 percent during
    2003, largely as a result of exchange controls. This the
    highest money supply annual increase of the last six years.
    Most of the excess liquidity accumulated in the economy
    during these months was withdrawn by the BCV by allocating
    government bonds and certificates of deposits to domestic
    banks. Liquidity could continue to grow during the first
    half of 2004 because of the expected government expenditure
    increase.

               MONEY SUPPLY/M2 (4)       MONETARY BASE
              --------------------  ---------------------

    End of: (million Bs.) Pct.Chg. (million Bs.) Pct.Chg.

    1996      5,493,813     55.4      1,675,799    92.1
    1997      8,956,161     63.0      3,004,685    79.3
    1998     10,621,645     18.6      3,717,323    23.7
    1999     12,740,836     20.0      4,909,822    32.1
    2000     16,284,578     27.8      5,790,841    17.9
    2001     16,976,364      4.2      6,478,295    11.9
    2002     19,573,369     15.3      7,701,120    18.9
    2003     30,835,975     57.5     11,274,439    46.4

    2004 (5)
    JAN      30,279,535     (1.8)    10,752,425    (4.6)
    FEB      31,815,818      5.1     10,762,152     0.1
    MAR      32,311,341      1.6     13,219,845    22.8

    (4) M2 includes currency, demand deposits, savings
        and certificates of deposit.
    (5) Preliminary figures.

    SOURCE:  Central Bank of Venezuela.

    --------------------
    CONSUMER PRICE INDEX
    --------------------

    ¶6. (U) The Central Bank of Venezuela (BCV) reported that
    consumer prices for the Caracas metropolitan area rose 21.9
    percent from February 2003 to February 2004. Consumer prices
    lagged producer prices, however, as wholesale prices
    increased by 36.7 percent during the same period. (Note: The
    GOV imposed price controls February 11, 2003 on some primary

    food items, pharmaceuticals, and personal care products as a
    complement to the exchange control regime.)

                CONSUMER PRICE INDEX (1997 AVG =100)
                ------------------------------------
                   END OF PERIOD    PCT CHANGE

    1992                10.7            31.9
    1993                15.6            45.8
    1994                26.6            70.5
    1995                41.6            56.4
    1996                84.6           103.2
    1997               116.5            37.6
    1998               151.3            29.9
    1999               181.6            20.0
    2000               206.0            13.4
    2001               231.3            12.3
    2002               303.5            31.2
    2003               385.7            27.1

    2004
    JAN                395.4             2.5
    FEB                401.6             1.6
    MAR                410.2             2.1

    SOURCE:  Central Bank of Venezuela.

    --------------
    INTEREST RATES
    --------------

    ¶7. (U) Interest rates reported by the Central Bank in 2004
    continue the downward trend of 2003. Weak credit demand and
    excess liquidity because of the strict application of
    exchange controls were the most important causes of this
    trend. The spread between lending and deposit rates
    decreased from 6.59 percent in January 2004 to 4.72 percent
    in March 2004.

          AVERAGE INTEREST RATES OF THE SIX MOST IMPORTANT
                   COMMERCIAL AND UNIVERSAL BANKS
          --------------------------------------------- ---
                       Loans            Deposits
                      -------      -------------------
                                    Savings   90 days

    1996               37.22         18.36     26.85
    1997               22.16          6.84     14.62
    1998               45.21         10.25     38.02
    1999               31.89          7.05     18.90
    2000               23.91          3.35     14.80
    2001               25.64          2.40     14.13
    2002               37.08          3.90     28.29
    2003               24.05          6.17     17.58

    2004
    JAN                18.38          5.19     11.79
    FEB                18.08          4.54     10.84
    MAR                17.56          4.56     12.84

    SOURCE:  Central Bank of Venezuela.

    -------------
    EXCHANGE RATE
    -------------

    ¶8. (U) The exchange control system pegged the bolivar at
    1,600/USD on February 5, 2003. One year later, on February 5,
    2004, the Ministry of Finance and the Central Bank devalued the
    Bolivar 20 percent, to 1,920.00. A National Exchange Control
    Administration (CADIVI) oversees all official foreign exchange
    transactions. CADIVI's heavy bureaucratic burden on official
    exchange, Venezuela's dependence on imported food and
    manufactured goods, and the petroleum sector's need for access to
    dollars have resulted in the official exchange rate being
    overvalued again. The parallel market exchange rate closed at
    around 3,100/USD at the end of March 2004.

                  ANNUAL AND MONTHLY EXCHANGE RATES
                        (SELL RATE) (BS/USD)
                ------------------------------------------

                                              AVERAGE
             END OF PERIOD    AVERAGE        PCT CHANGE

    1996        476.50         417.34          136.1
    1997        504.25         488.59           17.0
    1998        564.50         547.55           12.1
    1999        648.25         605.70           10.6
    2000        699.75         679.93           12.3
    2001        763.00         723.67            6.4
    2002      1,401.25       1,160.95           60.4
    2003      1,600.00       1,608.63           38.6

    2004
    JAN       1,600.00       1,600.00           -0.5
    FEB       1,920.00       1,825.88           14.1
    MAR       1,920.00       1,920.00            0.0

    SOURCE:  Central Bank of Venezuela.

    -------------------------
    MERCHANDISE TRADE BALANCE
    -------------------------

    ¶9. (U) Non-oil exports decreased 4.0 percent to USD 4.92
    billion during 2003 compared with 2002. According to the
    INE, exports of base metals (aluminum, steel, iron, etc.)
    accounted for 37.9 percent of total non-oil exports for the
    period, followed by mineral products (19.5 percent), and
    chemicals (15.8 percent). The United States was the largest
    recipient of Venezuela's non-oil exports (40.5 percent),
    followed by Colombia (11.9 percent), and Mexico (6.4
    percent). Imports decreased by 21.4 percent during 2003,
    largely because of the imposition of exchange controls.

                 MERCHANDISE TRADE BALANCE (USD MILLION)
                 ---------------------------------------

                                2002        2003 (6)

    OIL EXPORTS  (A)           21,530      20,831

    NON-OIL EXPORTS (B)         5,126       4,919

    TOTAL EXPORTS (C)          26,656      25,750

    TOTAL IMPORTS (D)         (13,622)    (10,707)

    MERCHANDISE TRADE
    BALANCE (C)-(D)            13,034      15,043

    (6)  Preliminary figures.

    SOURCE: Central Bank of Venezuela.

    -------------------
    BALANCE OF PAYMENTS
    -------------------

    ¶10. (U) Venezuela's balance of payments registered a surplus
    of USD 5.44 billion during 2003, compared with a deficit of
    approximately USD 4.43 billion during 2002. Exchange
    controls and the resulting fall in imports and capital
    flight have contributed in Venezuela's shift from net debtor
    to net creditor.

                     BALANCE OF PAYMENTS SUMMARY
                            (USD MILLION)
           --------------------------------------------- -

                                   2002       2003(7)

    CURRENT ACCOUNT (A)           7,423       9,624
      EXPORTS, FOB               26,656      25,750
      IMPORTS, FOB              (13,622)    (10,707)
        TRADE BALANCE            13,034      15,043
      NET SERVICES AND RENT      (5,446)     (5,417)
      NET TRANSFERS                (165)         (2)
    CAPITAL AND FINANCIAL
    ACCOUNT (B)                  (9,365)     (3,171)
      DIRECT INVESTMENT            (241)      1,388
      PORTFOLIO INVESTMENT       (2,304)     (1,060)
      OTHER INVESTMENT           (6,820)     (3,499)

    NET ERRORS AND
    OMISSIONS (C)                (2,485)     (1,010)
    OVERALL BALANCE
    (A)+(B)+(C)                  (4,427)      5,443

    (7)  Preliminary figures.

    SOURCE:  Central Bank of Venezuela.

    ----------------------
    INTERNATIONAL RESERVES
    ----------------------

    ¶11. (U) BCV-held international reserves have been increasing
    continuously since the exchange controls were imposed in
    February 2003. Reserves are currently 53.6 percent above
    their levels one year ago, as foreign exchange transactions
    remain suppressed. Of the total amount of reserves (USD 23.3
    billion) at the end of March 2004, around USD 4.6 billion
    (or 19.7 percent) were in monetary gold.

               INTERNATIONAL RESERVES (USD MILLIONS)
              ---------------------------------------
                          BCV       FIEM        TOTAL

    1996 DEC            15,229        -        15,229
    1997 DEC            17,818        -        17,818
    1998 DEC            14,849        -        14,849
    1999 DEC            15,164       215       15,379
    2000 DEC            15,883     4,588       20,471
    2001 DEC            12,296     6,227       18,523
    2002 DEC            12,003     2,857       14,860
    2003 DEC            20,666       700       21,366

    2004
    JAN                 21,588       701       22,289
    FEB                 21,906       702       22,608
    MAR                 22,560       702       23,262

    SOURCE:  Central Bank of Venezuela.

    ------------------------------------
    CENTRAL GOVERNMENT FINANCIAL RESULTS
    ------------------------------------

    ¶12. (U) The fiscal deficit increased as the government spent
    more than expected during 2003, particularly in the fourth
    quarter. The most important sources of non-oil income were
    the value added tax, the income tax, the Central Bank
    profits, and the bank debit tax. The economic recession
    affected the other non-oil incomes such as customs revenues.
    The 2003 fiscal deficit was mostly financed with domestic
    debt facilitated by the excess liquidity in the financial
    sector due to the exchange controls that were imposed in
    February.

                CENTRAL GOVERNMENT FINANCIAL RESULTS
                      (as a percentage of GDP)
              ----------------------------------------

                                2002      2003

    TOTAL REVENUES              20.5      22.7
       Oil income               10.0      11.1
       Non-oil income           10.5      11.6

    TOTAL EXPENDITURES          25.3      28.5

    FISCAL DEFICIT              (4.8)     (5.8)

    Source: BCV

    ------------------
    PUBLIC SECTOR DEBT
    ------------------

    ¶13. (U) The government was actively refinancing its domestic
    and external debts during 2003. Domestic bonds and treasury
    promissory notes dramatically increased both in the share of
    domestic banks' portfolio holdings and in the share of the
    GOV's debt. During March 2004, the Ministry of Finance
    allocated bonds for the equivalent of USD 3.0 billion, of

    which one third were USD denominated with maturity in six
    months, while the rest were in local currency with
    maturities in 2008, 2009, and 2010.

                   PUBLIC SECTOR DEBT (USD BILLION)
           -------------------------------------------

                                      2002     2003(8)

    FOREIGN DEBT                      22.5     22.8

      CENTRAL GOVERNMENT              20.8     21.5

        RESTRUCTURED DEBT              8.0      8.3
        NON-RESTRUCTURED DEBT         12.8     13.2

      AGENCIES                         1.7      1.3

    DOMESTIC DEBT                     11.0     14.1
                                      ----     ----
    TOTAL PUBLIC SECTOR DEBT          33.5     36.9

    (8) Preliminary figures.

    SOURCES: Ministry of Finance, BBVA Banco Provincial, and
            Embassy's estimates.

    --------------
    BANKING SYSTEM
    --------------

    ¶14. (U) Recession and low consumer confidence have depressed
    credit demand. The percentage of net loans to total deposits
    decreased from 54.46 percent in December 2002 to 32.69 in
    February 2004. The contraction of the economy during 2003
    also affected debtors' ability to pay.  The percentage of
    past due loans increased from December 2003 to February
    ¶2004. This figure is lower than a year before, as banks have
    been cleaning up their credit portfolios, declaring more of
    the past due loans as outright losses.

                    BANKING SYSTEM KEY INDICATORS
                            (percentages)

                               DEC 02    DEC 03    FEB 04
    Past due loans/
    gross loans                  6.76      4.47      4.81

    Credit portfolio allowance/
    past due loans             132.64    179.50    174.61

    Equity/total assets         16.08     14.44     14.64

    Net financial margin/
    average asset                5.32      6.19      7.79

    Net financial margin/
    average equity              35.65     43.95     55.93

    Net loans/
    total deposits              54.46     36.33     32.69

    Source:  SUDEBAN

    -------------------------
    DIRECT FOREIGN INVESTMENT
    -------------------------

    ¶15. (U) New direct foreign investment registered during 2003
    increased to USD 1,174.2 million. Much of this influx was a
    result of major foreign investment in Venezuelan telecom
    giant CANTV.

                     DIRECT FOREIGN INVESTMENT(9)
                          (MILLIONS OF USD)
                   -------------------------------

    1996             1,114.4
    1997               690.1
    1998             1,583.8 (10)
    1999               985.4
    2000               642.9

    2001               948.1
    2002               297.0
    2003             1,174.2 (11)

    (9) Includes investment in the hydrocarbon,
         petrochemical, mining and natural gas sectors.
    (10) Privatization of state steel company (SIDOR).
    (11) This high figure consists largely of investments in
         former state-owned telecoms giant CANTV, made in 1996,
         but for technical reasons only registered by the GOV
         in 2003.

    SOURCES:  SIEX, CONAPRI, and Metroeconomica.

    ----------------------------
    CARACAS STOCK EXCHANGE INDEX
    ----------------------------

    ¶16. (U) The Caracas Stock Exchange (CSE) index closed at a
    record high of 26,579.69 at the end of March 2004,
    increasing 19.7 percent from its close in December. The
    index increased 212.5 percent from its level in March 2003.
    A primary catalyst in this rise is the use of CSE shares to
    acquire American Depositary Receipts on the New York Stock
    Exchange that are then used as foreign exchange vehicles.
    However, the CSE has also benefited from the lack of other
    investment opportunities in the broader economy.

              CARACAS STOCK EXCHANGE CAPITALIZATION INDEX
                    (DECEMBER 1993 = 1,000)
              -------------------------------------------

                        2002       2003       2004

    JANUARY           6,293.89   8,286.65  27,956.14
    FEBRUARY          6,958.39   8,509.56  27,348.36
    MARCH             6,828.04   8,506.59  26,579.69
    APRIL             6,712.57   8,631.60
    MAY               7,422.64  12,799.62
    JUNE              7,452.09  13,666.40
    JULY              7,134.00  14,052.35
    AUGUST            6,793.30  14,497.20
    SEPTEMBER         7,447.71  16,956.29
    OCTOBER           7,741.81  20,413.00
    NOVEMBER          8,015.17  21,397.36
    DECEMBER            (12)    22,203.95

    (12) The CSE was closed during December 2002 because of the
         general strike.

    SOURCE:  Caracas Stock Exchange and Metroeconomica.

    ------------------
    INTERNET RESOURCES
    ------------------

    ¶17.  INTERNET RESOURCES:

    AMEMBASSY CARACAS WEBSITE:  www.embajadausa.org.ve
    -
    EXCHANGE RATES AND INTERNATIONAL RESERVES:  www.bcv.org.ve
    -
    STOCK EXCHANGE:  www.caracasstock.com
    -
    TRADE AND LABOR FORCE STATISTICS:  www.ine.gov.ve
    -
    BUSINESS INFORMATION:  www.venamcham.org
    -
    INVESTMENT OPPORTUNITIES:  www.conapri.org
    -
    PETROLEUM INFORMATION:  www.pdvsa.com,
    www.mem.gov.ve
    -
    PUBLIC FINANCE INFORMATION: www.mf.gov.ve
    -
    FINANCIAL INDICATORS:  www.sudeban.gov.ve
    -
    ECONOMIC PUBLICATIONS:  www.metroeconomica.com.ve,
    www.veneconomy.com, www.bancomercantil.com,
    www.provincial.com
    -
    E

    NEWSPAPERS:  www.eluniversal.com,
    www.el-nacional.com
    -
    LEGAL PUBLICATIONS:  www.datalegis.com.ve,
    www.bpmaw.com, www.traviesoevans.com,
    www.tpa.com.ve
    -
    VENEZUELAN GOVERNMENT: www.venezuela.gov.ve,
    www.platino.gov.ve

    Shapiro

    NNNN

          2004CARACA01479 - UNCLASSIFIED

`