Baku. 24 October. REPORT.AZ/ Since 2014, Venezuela, which is at risk of default at the world market after the oil price decline in 2014, has come close to the threat, as it has to pay large-scale debt this week.
Report informs citing the foreign media, Venezuela's state-owned oil company PDVSA has to pay $ 985 million on October 27 and $ 1.2 billion on November 2. This is a big deal for Venezuela gold and currency reserves of which fell below $ 10 billion for first time in last 15 years.
Currently, Venezuela's debt to foreign creditors is close to $ 140 billion. The country's gold and currency reserves are only for immediate payments. The surveys show that the probability of PVDSA default is 75% for a year and 99% for the next 5 years.
Notably, while the Central Bank of Venezuela has set the dollar rate at 10 bolivars, price in black market is more than 40,000 bolívars.