Currently released so far... 97115 / 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 2011/05/09 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 2011/08/10 2011/08/11 2011/08/12 2011/08/13 2011/08/15 2011/08/16 2011/08/17 2011/08/19 2011/08/21 2011/08/22 2011/08/23 2011/08/24 2011/08/25

### 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 1985/04 1985/05 1985/06 1985/10
1986/02 1986/05 1986/08 1986/09 1986/11 1986/12
1987/04 1987/06 1987/07 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 1991/10 1991/11
1992/01 1992/03 1992/04 1992/05 1992/06 1992/07 1992/08 1992/09 1992/10 1992/11 1992/12
1993/01 1993/02 1993/04 1993/07 1993/10 1993/11 1993/12
1994/01 1994/02 1994/03 1994/04 1994/05 1994/06 1994/08 1994/11 1994/12
1995/01 1995/02 1995/03 1995/04 1995/05 1995/06 1995/07 1995/08 1995/09 1995/10 1995/11 1995/12
1996/06 1996/07 1996/08 1996/09 1996/11
1997/01 1997/02 1997/03 1997/04 1997/05 1997/06 1997/08 1997/09 1997/10 1997/11 1997/12
1998/02 1998/03 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 Consulate Kaduna
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 Consulate Osaka Kobe
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 Ponta Delgada 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
AF ADANA ASEC AFIN AMGT AE AORC AID AR AO AU ASEAN AGOA AFGHANISTAN AFFAIRS AMED APER ASECARP APEC AEMR AS AA ANET AFLU ABLD AL ASUP AJ APECO AMER ABUD AODE AM AFSN AESC AND AG ALOW AROC AVIANFLU ATRN ACOA AEGR AMGMT AADP AFSI ACABQ APRM AZ AIDS ASE AGAO ADCO ABDALLAH ARF AIDAC ACOTA ASCH AC ASEG AGR ACS AMCHAMS AN AMIA ASIG ADPM ADB ANARCHISTS ALOWAR ARM AUC AINF AINT AORG AY AVIAN AMEDCASCKFLO AK ARSO ARABBL ASO ANTITERRORISM ARABL AOWC AGRICULTURE ALJAZEERA AMTC AFINM AOCR ABER ARR AFPK ASSEMBLY ASSK AZE AORCYM AINR AGMT AEC ACKM APRC AIN ASCC AFPREL ASED APERTH ASFC ASECTH AFSA AOMS AORCO ANTXON ARC AFAF ADIP AIAG AFARI AEMED AORL AX ASECAF AOPC ASECAFIN AFZAL APCS AMB AGUIRRE AEMRASECCASCKFLOMARRPRELPINRAMGTJMXL AIT ARCH AMEX ALI AQ ATFN AMBASSADOR AORCD AVIATION ARAS AINFCY ACBAQ AOPR AREP ALEXANDER ATRD AEIR AOIC ABLDG ASEX AFR ASCE ATRA ASEK AER ALOUNI AMCT AVERY APR AMAT AEMRS ASPA AFU AMG ATPDEA ALL AECL ACAO ASECKFRDCVISKIRFPHUMSMIGEG AORD AFL AME ADM ASECPHUM AGIT ABT ASECVE AGUILAR AT ABMC ALZUGUREN ANGEL ASR ANTONIO
BMGT BEXP BM BG BL BA BR BTA BO BY BBSR BLUE BK BF BTIO BELLVIEW BE BU BN BH BD BC BTC BILAT BT BX BRUSSELS BP BB BRPA BUSH BURMA BMENA BESP BIT BBG BGD BMEAID BAGHDAD BEN BIO BMOT BWC BLUNT BURNS BUT BGMT BAIO BCW BOEHNER BFIF BOL BASHAR BIMSTEC BOU BIDEN BZ BFIN BTRA BI BHUM BOIKO BERARDUCCI BOUCHAIB BORDER BEXPC BTIU BTT BIOS BEXB BGPGOV BOND BLR
CE CG CH CVR CASC CU CI CD CO CDG CB CJAN CPAS COM CVIS CMGT CT CENTCOM CNARC CTERR COUNTER CHIEF CDC CTR CBW COUNTRY CLEARANCE CY CA CM CS CWC CN CITES CF CWG CIVS CFIS CASCC CROATIA CONS COUNTERTERRORISM CASA COE CJ CHR CODEL CR CBC CACS CHERTOFF CAS CONTROL CONDITIONS CONDOLEEZZA CITEL CV CLINTON CHG CZ CON CTBT CEN CRIMES COMMERCE CLOK CRISTINA CFED CARC CND CTM CARICOM COUNTRYCLEARANCE CBTH CHINA CSW CICTE CJUS CYPRUS CW CAMBODIA CENSUS CIDA CRIME CBG CBE CMGMT CAIO CEC CARSON CPCTC CEDAW COMESA CVIA CWCM CEA COSI CAPC CGEN COPUOS CGOPRC COETRD CKGR CFE CQ CITT CIC CARIB CVIC CLO CAFTA CVISU CHRISTOPHER CACM CIAT CDB CIS CUL CHAO CNC CL CSEP COMMAND CENTER COL CAN CAJC CUIS CONSULAR CLMT CIA CBSA CEUDA CAC CROS CIO CPUOS CKOR CVPR CONG CONTROLS CEPTER CVISCMGTCASCKOCIASECPHUMSMIGKIRF CDCE
DPOL DEMARCHE DHS DR DA DISENGAGEMENT DEMOCRATIC DEFENSE DJ DY DARFUR DHRF DEA DTRO DPRK DO DARFR DOC DRL DK DOJ DTRA DOMESTIC DAC DOD DEAX DIEZ DEOC DELTAVIOLENCE DCOM DMINE DRC DCG DPKO DOMESTICPOLITICS DE DB DOT DEPT DOE DHLAKAMA DHSX DS DKEM DAO DCM DANIEL DEM DAVID DCRM
ETRD EAGR ETTC EAID ECON EFIN ECIN EINV ELAB EAIR ENRG EPET EWWT ECPS EIND EMIN ELTN EC ETMIN EUC EZ ET ELECTIONS ENVR EU EUN EG EINT ER ECONOMICS ES EMS ENIV EEB EN ECE ECOSOC EK ENVIRONMENT EFIS EI EWT ENGRD ECPSN EXIM EIAD ERIN ECPC EDEV ENGY ECTRD EPA ESTH ECCT EINVECON ENGR ERTD EUR EAP EWWC ELTD EL EXIMOPIC EXTERNAL ETRDEC ESCAP ECO EGAD ELNT ECONOMIC ENV ETRN EIAR EUMEM ENRGPARMOTRASENVKGHGPGOVECONTSPLEAID EREL ECOM ECONETRDEAGRJA ETCC ETRG ECONOMY EMED ETR ENERG EITC EFINOECD EURM EENG ERA EXPORT ENRD ECONEINVETRDEFINELABETRDKTDBPGOVOPIC EGEN EBRD EVIN ETRAD ECOWAS EFTA ECONETRDBESPAR EGOVSY EPIN EID ECONENRG EDRC ESENV ETT EB ENER ELTNSNAR ECHEVARRIA ETRC EPIT EDUC ESA EFI ENRGY ESCI EE EAIDXMXAXBXFFR EETC ECIP EIAID EIVN EBEXP ESTN EING EGOV ETRA EPETEIND ELAN ETRDGK EAIDRW ETRDEINVECINPGOVCS EPEC ENVI ELN EAG EPCS EPRT EPTED ETRB EUM EAIDS EFIC EFINECONEAIDUNGAGM EAIDAR ESF EIDN ELAM EDU EV EAIDAF ECN EDA EXBS EINTECPS ENRGTRGYETRDBEXPBTIOSZ EPREL EAC EINVEFIN ETA EAGER EINDIR ECA ECLAC ELAP EITI EUCOM ECONEFINETRDPGOVEAGRPTERKTFNKCRMEAID EARG ELDIN EINVKSCA ENNP EFINECONCS EFINTS ECCP ETC EAIRASECCASCID EINN ETRP EAIDNI EFQ ECOQKPKO EGPHUM EBUD ECONEINVEFINPGOVIZ ENERGY ELB EINDETRD EMI ECONEFIN EIB EURN ETRDEINVTINTCS EIN EFIM ETIO ELAINE EMN EATO EWTR EIPR EINVETC ETTD ETDR EIQ ECONCS EPPD ENRGIZ EISL ESPINOSA ELEC EAIG ESLCO EUREM ENTG ERD EINVECONSENVCSJA EEPET EUNCH ECINECONCS ETRO ETRDECONWTOCS ECUN EFND EPECO EAIRECONRP ERGR ETRDPGOV ECPN ENRGMO EPWR EET EAIS EAGRE EDUARDO EAGRRP EAIDPHUMPRELUG EICN ECONQH EVN EGHG ELBR EINF EAIDHO EENV ETEX ERNG ED
FR FREEDOM FINREF FJ FI FRELIMO FOREIGN FAA FETHI FAS FTAA FRB FAO FCS FINANCE FWS FTA FEMA FDA FLU FRANCISCO FBI FORCE FO FARC FK FT FCSC FAC FM FMGT FINV FCSCEG FARM FERNANDO FINR FIN FINE FIR FDIC FOR FOI FCUL FKLU FMLN FISO FIXED
GM GMUS GG GR GE GAZA GT GH GZ GJ GLOBAL GV GABY GOI GA GCC GB GY GATT GC GUAM GEORGE GTIP GOV GOMEZ GUTIERREZ GL GKGIC GF GU GWI GARCIA GTMO GN GANGS GIPNC GAERC GREGG GUILLERMO GASPAR GERARD GI
HK HR HUMANR HUMAN HO HA HUMANRIGHTS HU HHS HIV HUM HRKAWC HILLEN HILLARY HDP HUMRIT HSTC HUMANITARIAN HCOPIL HADLEY HURI HL HRETRD HOURANI HG HARRIET HESHAM HI HNCHR HARRY HRECON HRC HOSTAGES HEBRON HUMOR HSWG HYMPSK HECTOR HN HYDE HUD HRPGOV HIGHLIGHTS
ID ILC IS IZ ICAO IMO ITU IR IAEA ICRC IPROP IT IBRD ISRAELI IRAQI ISSUES ITRA IV IO IGAD IRAQ IN IMF ICTR ISCON IADB IDB IEA INR IWC ICCAT ILO INMARSAT IOM ICJ IQ ISPA ITRD IPR INTELSAT ISN IAHRC INTERNAL IFAD IICA IHO IRAN IL IRCE IC INTELLECTUAL IRM IE ICTY IDLI IFO ISCA INF INL ISRAEL INV IBB INFLUENZA ISPL ITER ITIA INRA ISAF IACHR INTERPOL IFR IRS INRB IEF ISAAC ICC INDO IIP IATTC INAUGURATION IND INS IZPREL IACI IEFIN INNP ILAB IA IMTS ITALY ITALIAN IFIN IRAJ IX ICG IF ITPHUM ITA IP IACW IK IUCN IZEAID IRPE IDA ISLAMISTS ITF INRO IBET IDP IRC ISO ICES IRMO ITPGOV IQNV IMSO IRDB IMET INCB IFRC
JA JO JP JM JCIC JOHN JE JEFFERY JS JUS JN JOHNNIE JAMES JKUS JOSEPH JML JAWAD JSRP JIMENEZ JOSE JKJUS JK JAPAN
KMDR KPAO KPKO KJUS KCRM KGHG KFRD KWMN KDEM KTFN KHIV KGIC KIDE KSCA KNNP KHUM KIPR KSUM KISL KIRF KCOR KRCM KPAL KWBG KN KS KOMC KSEP KFLU KPWR KTIA KSEO KMPI KHLS KICC KSTH KMCA KVPR KPRM KE KU KZ KFLO KSAF KTIP KTEX KBCT KOCI KOLY KOR KAWC KACT KUNR KTDB KSTC KLIG KSKN KNN KCFE KCIP KGHA KHDP KPOW KUNC KDRL KV KPREL KCRS KPOL KRVC KRIM KGIT KWIR KT KIRC KOMO KRFD KUWAIT KG KFIN KSCI KTFIN KFTN KGOV KPRV KSAC KGIV KCRIM KPIR KSOC KBIO KW KGLB KMWN KPO KFSC KSEAO KSTCPL KSI KPRP KREC KFPC KUNH KCSA KMRS KNDP KR KICCPUR KPPAO KCSY KTBT KCIS KNEP KFRDCVISCMGTCASCKOCIASECPHUMSMIGEG KNNB KGCC KINR KPOP KMFO KENV KNAR KVIR KDRG KDMR KFCE KNAO KDEN KGCN KICA KIMMITT KMCC KLFU KMSG KSEC KUM KCUL KMNP KSMT KCOM KOMCSG KSPR KPMI KRAD KIND KCRP KAUST KWAWC KTER KCHG KRDP KPAS KITA KTSC KPAOPREL KWGB KIRP KJUST KMIG KLAB KTFR KSEI KSTT KAPO KSTS KLSO KWNN KPOA KHSA KNPP KPAONZ KBTS KWWW KY KJRE KPAOKMDRKE KCRCM KSCS KWMNCI KESO KWUN KPLS KIIP KEDEM KPAOY KRIF KGICKS KREF KTRD KFRDSOCIRO KTAO KJU KWMNPHUMPRELKPAOZW KEN KO KNEI KEMR KKIV KEAI KWAC KRCIM KWCI KFIU KWIC KCORR KOMS KNNO KPAI KBWG KTTB KTBD KTIALG KILS KFEM KTDM KESS KNUC KPA KOMCCO KCEM KRCS KWBGSY KNPPIS KNNPMNUC KWN KERG KLTN KALM KCCP KSUMPHUM KREL KGH KLIP KTLA KAWK KWMM KVRP KVRC KAID KSLG KDEMK KX KIF KNPR KCFC KFTFN KTFM KPDD KCERS KMOC KDEMAF KMEPI KEMS KDRM KEPREL KBTR KEDU KNP KIRL KNNR KMPT KISLPINR KTPN KA KJUSTH KPIN KDEV KTDD KAKA KFRP KWNM KTSD KINL KJUSKUNR KWWMN KECF KWBC KPRO KVBL KOM KFRDKIRFCVISCMGTKOCIASECPHUMSMIGEG KEDM KFLD KLPM KRGY KNNF KICR KIFR KM KWMNCS KAWS KLAP KPAK KDDG KCGC KID KNSD KMPF KPFO KDP KCMR KRMS KNPT KNNNP KTIAPARM KDTB KNUP KPGOV KNAP KNNC KUK KSRE KREISLER KIVP KQ KTIAEUN KPALAOIS KRM KISLAO KWM KFLOA
LE LU LH LA LG LO LY LANTERN LI LABOR LORAN LTTE LT LAS LAB LAW LVPR LARREA LEBIK LAURA LS LOTT LOVE LR LEON LAVIN LGAT LV LAOS LOG LN LB
MOPS MO MARR ML MASS MZ MR MNUC MX MV MCC MY MEDIA MTCRE MG MCAP MOPPS MP MI MK MC MD MA MU MASC MW MT MEPP MN MTCR MH MEPI MIL MNUCPTEREZ MMAR MICHAEL MUNC MDC MPOS MONUC MAR MGMT MAS MEPN MENDIETA MARIA MONTENEGRO MOOPS MSG MARITIME MURRAY MUKASEY MOTO MCA MFO MEX MRSEC MMED MACP MAAR MINUSTAH MCCONNELL MAPP MGT MARQUEZ MANUEL MNUR MCCAIN MF MOHAMMAD MOHAMED MNU MFA MILITANTS MINORITIES MTS MLS MILI MIAH MEETINGS MERCOSUR MED MARAD MNVC MINURSO MNUCUN MIK MARK MBM MPP MILITARY MAPS MNUK MILA MTRRE MACEDONIA MICHEL MASSMNUC MUCN MQADHAFI MPS MARRGH MRCRE MTRE MORALES MAP MCTRE MHUC MOPSGRPARM MOROCCO MCAPS
NL NU NS NI NPT NATO NO NG NATEU NSF NZ NAS NP NDP NLD NGO NEPAD NAFTA NASA NEA NGUYEN NIH NK NIPP NONE NR NANCY NEGROPONTE NRR NERG NSSP NSG NSFO NE NATSIOS NFSO NATIONAL NTDB NT NCD NTSB NRC NELSON NAM NH NPG NEC NSC NFATC NMFS NATOIRAQ NAR NZUS NARC NCCC NA NC NEW NRG NUIN NOVO NATOPREL NEY NV NICHOLAS NPA NW NARCOTICS NORAD NOAA NON NTTC NKNNP NMNUC NUMBERING
ODIP OIIP OPRC OSCE OREP OTRA OPET OSCI OVIP OECD OCII OUALI OPDC OEXC OFPD OPIC OFDP OPCW OECV OAS OM OMIG ODAG OPREP ORA OIC OEXCSCULKPAO OIG OASS OFFICIALS ORTA OSAC OIL OIE OEXP OPEC OPDAT OMS OES OHI OMAR OCRA OFSO OCBD OSTA OAO ONA OTP ORC OAU OXEC OA ODPC OPDP OVIPPRELUNGANU OASC OSHA OPCD OTR OPPI OPCR OF OFDPQIS OSIC OHUM OSTRA OASCC OBSP OFDA OPICEAGR OIM OGAC OTA OTRAORP OPPC OESC OCEA OVP ON OPAD OTAR OCS ODC OTRD OCED OSD ORUE OREG
PHUM PINR PTER PGOV PREL PREF PL PM PHSA PE PARM PINS PK PUNE PO PALESTINIAN PU PBTS PROP PTBS POL POLI PA PGOVZI POLMIL POLITICAL PARTIES POLM PD POLITICS POLICY PAS PMIL PINT PNAT PV PKO PPOL PERSONS PING PBIO PH PETR PARMS PRES PCON PETERS PRELBR PT PLAB PP PAK PDEM PKPA PSOCI PF PLO PTERM PJUS PSOE PELOSI PROPERTY PGOVPREL PARP PRL PNIR PHUMKPAL PG PREZ PGIC PBOV PAO PKK PROV PHSAK PHUMPREL PROTECTION PGOVBL PSI PRELPK PGOVENRG PUM PRELKPKO PATTY PSOC PRIVATIZATION PRELSP PGOVEAIDUKNOSWGMHUCANLLHFRSPITNZ PMIG PREC PAIGH PROG PSHA PARK PETER POG PHUS PPREL PS PTERPREL PRELPGOV POV PKPO PGOVECON POUS PGOVPRELPHUMPREFSMIGELABEAIDKCRMKWMN PWBG PMAR PREM PAR PNR PRELPGOVEAIDECONEINVBEXPSCULOIIPBTIO PARMIR PGOVGM PHUH PARTM PN PRE PTE PY POLUN PPEL PDOV PGOVSOCI PIRF PGOVPM PBST PRELEVU PGOR PBTSRU PRM PRELKPAOIZ PGVO PERL PGOC PAGR PMIN PHUMR PVIP PPD PGV PRAM PINL PKPAL PTERE PGOF PINO PHAS PODC PRHUM PHUMA PREO PPA PEPFAR PGO PRGOV PAC PRESL PORG PKFK PEPR PRELP PREFA PNG PGOVPHUMKPAO PRELECON PINOCHET PFOR PGOVLO PHUMBA PRELC PREK PHUME PHJM POLINT PGOVPZ PGOVKCRM PGOVE PHALANAGE PARTY PECON PEACE PROCESS PLN PRELSW PAHO PEDRO PRELA PASS PPAO PGPV PNUM PCUL PGGV PSA PGOVSMIGKCRMKWMNPHUMCVISKFRDCA PGIV PRFE POGOV PEL PBT PAMQ PINF PSEPC POSTS PHUMPGOV PVOV PHSAPREL PROLIFERATION PENA PRELTBIOBA PIN PRELL PGOVPTER PHAM PHYTRP PTEL PTERPGOV PHARM PROTESTS PRELAF PKBL PRELKPAO PKNP PARMP PHUML PFOV PERM PUOS PRELGOV PHUMPTER PARAGRAPH PERURENA PBTSEWWT PCI PETROL PINSO PINSCE PQL PEREZ PBS
QA QUAN QUOC QM QI QADRI QT QU
RS REFUGEES RW RP RELFREE RO REGIONAL RIGHTS REACTION REPORT RU RENAMO RIGHTSPOLMIL REFORM RM REFUGEE REL RELATIONS ROW RREL REGION RATIFICATION RBI RICE ROOD RODENAS RUIZ RODHAM ROBERT RGY ROY REUBEN RELIGIOUS RUEHZO RODRIGUEZ RUEUN RELAM RSP RF RSO RCMP REO ROSS RPTS RENE REID RUPREL RMA RI REMON RPEL RFE RFIN RA RAFAEL RAY RUS RPREL ROBERTG RECIN RAMONTEIJELO
SNAR SP SN SMIG SL SOCI SU SG SF SENV SZ SOE SCUL SY SO SR SYR SE SA SW SIPDIS SCIENCE SADC SI SCI SOCIETY SC SAARC STR SECRETARY SANC SSH ST SNA SGWI SEP SOCIS SETTLEMENTS SPECIALIST SK SHUM START STET SCVL SREF SCHUL SCUIL SYRIA SECURITY SPCE SYAI SMIL SOWGC STEPHEN SNRV SKCA SENSITIVE SECI SNAP SPP SCUD SOM SPECI SMIGBG SENC SCRM SGNV SECTOR SENVEAGREAIDTBIOECONSOCIXR SENVSXE SASIAIN SACU SENVSPL SWMN STEINBERG SOPN SOCR SCOI SCRS SILVASANDE SWE SARS SNARIZ SUDAN SENVQGR SM SNARKTFN SAAD SD SAN SIPRNET STATE SENS SUBJECT SFNV SECSTATE SSA SPCVIS SOI SOFA SCULKPAOECONTU SPTER SKSAF SENVKGHG SHI SEVN SANR SPSTATE SMITH SCOM SH SNARCS SNARN SIPRS SNARM SIPDI SCPR SNIG SELAB SULLIVAN SENVENV SECDEF SOLIC SOIC SPAS SASC SOSI SEC SEN SENVCASCEAIDID
TU TH TW TSPA TRGY TPHY TBIO TIFA TS TZ TX TSPL TT TK TC TINT TERFIN TERRORISM TIP TURKEY TI TECHNOLOGY TNGD TRSY TRAFFICKING TOPEC TPSL TP TD TR TA TIO TREATY TO THPY TECH TRADE TPSA TG TAGS TF TRAD THKSJA TVBIO TNDG TN TBIOZK TWI TV TWL TRT TWRO TSRY TTPGOV TAUSCHER TRBY TRBIO TL TPKO TIA TGRY TSPAM TREL TNAR TBI TFIN TPHYPA TWCH THOMMA THOMAS TERROR TRY TBID TPP TE THANH TJ TBKIO
UNGA USUN UN UG UNSC UK UP US UNCTAD UNVIE UNHRC USTR UNAMA UNCRIME UNESCO UV UNDP UNHCR UNCSD UNCHR UZ USAID UNEP UNO UNPUOS UY UNDC UNCITRAL UNAUS UNCND UA UNMIK USTDA USEU USDA UNICEF UR UNFICYP USNC USTRRP UNODC UNRWA UNOMIG USTRPS USAU USCC UNEF UNGAPL UNFPA UNSCE USSC UGA UEU UNMIC UNTAC UNION UNCLASSIFIED USPS UNA UMIK USOAS UNMOVIC UNFA UNAIDS UNCHC USGS UNSE UNRCR UNTERR USG UE UAE UNWRA UNCSW UNSCR UNCHS UNDESCO UNPAR UNC UB UNSCS UKXG UNGACG UNREST UNHR USPTO UNFCYP USCG UNIDROIT UNSCD UPU UNBRO UNECE USTRUWR UNCC UNESCOSCULPRELPHUMKPALCUIRXFVEKV
VM VE VT VETTING VN VZ VIS VC VTPREL VIP VTEAID VTEG VOA VA VTIZ VANG VISIT VO VENZ VAT VI VEPREL VEN
WFP WTO WHO WTRO WBG WMO WIPO WA WI WSIS WHA WCL WE WMN WEBZ WS WAR WZ WMD WW WILLIAM WEET WAEMU WM WWBG WWT WWARD WITH WMDT WTRQ WCO WEU WALTER WRTO WB WHTI WBEG WCI WEF WAKI WHOA WGC
XA XM XR XL XY XC XK XF XT XD XG XI XH XB XE XW XX XV XXX XJ XU XS XZ XQ XO XP XFNEA XTAG
YM YMOEXC YI YE YL YEH YMCS YOUSSEF YU
ZO ZI ZK ZR ZF ZU ZL ZP ZA ZIM ZANU ZJ ZM ZOELLICK ZCTU 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 04CARACAS2728, 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. #04CARACAS2728.

Reference ID | Created | Released | Classification | Origin
--- | --- | --- | --- | ---
04CARACAS2728 | 2004-08-27 13:38 | 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 002728

    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 an economic rebound based on
    increasing government expenditures.  Levels of new foreign
    direct investment remain low.  A strong international
    reserves position and high average oil prices have
    contributed to reduce the country risk and facilitated the
    partial public external debt refinancing.

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

    ¶2.  (U) Total GDP increased by 23.1 percent in real terms
    during the period January-June of 2004 compared with the
    levels of economic activity registered during the same
    period of the previous year.  This is explained by depressed
    activity during the first quarter of 2003 because of the
    general strike that took place during December 2002-January
    ¶2003.  Nonetheless, GDP growth for 2004 could be more than
    10 percent, driven by the increase in 2004 public
    expenditures.  The Ministry of Finance is now predicting
    2004 GDP growth of 12 percent.

                        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                 (14.2)      (6.0)      (8.9)
    2003                  (2.1)      (8.1)      (7.6)
    2004 (JAN-JUN) (1)    28.5       20.7       23.1

    (1) Preliminary figures

    SOURCE:  Central Bank of Venezuela.

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

    ¶3.  (U) First semester 2004 figures from the National
    Institute of Statistics (INE) indicate an average
    unemployment rate of 16.6 percent.  This figure represents
    2.00 million unemployed out of a labor force of 12.04
    million, and a total population of 25.86 million.  INE's
    figures are disputed by the private sector.  According to
    Consecomercio (National Retail and Services Council,
    representing the trade and services sector), the real
    unemployment rate in Venezuela exceeds 20 percent and
    affects some 2.4 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.

        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
    2004 (first semester)             16.6

    SOURCE:  GOV National Institute of Statistics (INE).

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

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

    ¶4.  (U) The total value of oil exports reached USD 15.05
    billion during the first semester of 2004 with an average
    export price of USD 30.43 per barrel.  Venezuela's OPEC
    production quota has been 2.99 million barrels a day since
    August 1, 2004.  Venezuela's oil production has been below
    the quota, according to OPEC figures.  Oil prices
    (Venezuelan basket) have been increasing during 2004,
    reaching a record high of USD 39.52 per barrel during the
    third week of August.
              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        22,052
    2004 (J-J) 2,516      2,149       30.4        15,049

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

    SOURCE: Central Bank of Venezuela, Ministry of Energy and
            Mines, OPEC, 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 is the
    highest annual increase of the money supply in 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 continued growing during the
    first half of 2004 as government expenditures increased.

               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
    APR      31,934,539     (1.2)    11,049,744   (16.4)
    MAY      32,962,043      3.2     11,291,538     2.2
    JUN      34,237,954      3.9     11,994,271     6.2

    (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 21.8
    percent from July 2003 to July 2004.  Consumer prices lagged

    producer prices, however, as wholesale prices increased by
    30.6 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.) Core inflation removes the
    most volatile categories from the CPI.

       CONSUMER PRICE INDEX (1997 AVG  100) and CORE INFLATION
      --------------------------------------------- ------------
                   END OF PERIOD    PCT CHANGE   CORE INFLATION
                                                   (  change)
    1996                84.6           103.2           N/A
    1997               116.5            37.6           N/A
    1998               151.3            29.9           N/A
    1999               181.6            20.0           N/A
    2000               206.0            13.4          12.8
    2001               231.3            12.3          11.3
    2002               303.5            31.2          31.2
    2003               385.7            27.1          37.9

    2004
    JAN                395.4             2.5           1.7
    FEB                401.6             1.6           2.6
    MAR                410.2             2.1           3.6
    APR                415.6             1.3           2.0
    MAY                420.5             1.2           1.5
    JUN                428.3             1.9           1.5
    JUL                434.2             1.4           1.2

    SOURCE:  Central Bank of Venezuela.

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

    ¶7.  (U) Interest rates reported by the Central Bank in 2004
    continue the downward trend of 2003.  Excess liquidity
    arising from the strict application of exchange controls was
    the most important cause of this trend.  However, credit
    card consumption, mortgages, and car loan rates have been
    kept at levels that are more than double the average loan
    rate for most consumers.  The spread between lending and
    deposit rates decreased from 6.59 percent in January 2004 to
    5.55 percent in July 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
    APR                17.97          4.56     12.46
    MAY                17.68          4.43     13.11
    JUN                17.08          4.33     12.75
    JUL                17.22          4.17     11.67

    SOURCE:  Central Bank of Venezuela.

    -----------------------------------
    EXCHANGE RATES AND BCV LIQUIDATIONS
    -----------------------------------

    ¶8.  (U) The exchange control system pegged the bolivar at
    1,600/USD on February 5, 2003.  One year later, on February 7,
    2004, the Ministry of Finance and the Central Bank devalued the
    Bolivar 20 percent, to 1,920.00.  The National Exchange Control
    Administration (CADIVI) oversees all official foreign exchange
    transactions.  With CADIVI not supplying enough foreign exchange
    to fully meet demand, and the exchange rate remaining fixed

    despite internal inflation, a parallel market, in which dollars
    are traded at a substantial premium, has developed.  Official
    forex transaction, however, have increased dramatically in recent
    months.  The parallel market exchange rate closed at around
    2,800/USD by the middle of August 2004.

                END OF PERIOD EXCHANGE RATES (BS/USD)
                           AND BCV LIQUIDATIONS
            --------------------------------------------- ------
                                               OFFICIAL FOREX
            OFFICIAL MARKET  PARALLEL MARKET    LIQUIDATIONS
                                               (MILLIONS USD)
            ---------------  ---------------  ----------------
    1996        476.50
    1997        504.25
    1998        564.50
    1999        648.25
    2000        699.75
    2001        763.00
    2002      1,401.25
    2003      1,600.00         2,875.00           4,594.52

    2004
    JAN       1,600.00         3,076.11             943.36
    FEB       1,920.00         3,240.04             779.36
    MAR       1,920.00         3,083.54             891.95
    APR       1,920.00         2,981.48             643.39
    MAY       1,920.00         2,913.59             811.02
    JUN       1,920.00         2,622.83           1,265.83
    JUL       1,920.00         2,645.78           1,297.00

    SOURCE:  Central Bank of Venezuela, Metroeconomica, and
             Banco Provincial
    -------------------------
    MERCHANDISE TRADE BALANCE
    -------------------------

    ¶9.  (U) Non-oil exports increased 45.8 percent during
    January-June 2004 compared with the same period of last
    year.  (There were no exports during the general strike in
    January 2003.) According to the INE, exports of base metals
    (aluminum, steel, and others) accounted for 34.6 percent of
    total non-oil exports for the period January-May 2004,
    followed by mineral products (29.2 percent), and chemicals
    (14.7 percent).  The United States was the largest recipient
    of Venezuela's non-oil exports (38.0 percent), followed by
    Colombia (12.1 percent), and Mexico (5.2 percent).  Imports
    increased by 67.8 percent during January-June 2004 compared
    with the same period of last year.  2003 figures reflect the
    general strike of December 2002 - February 2003, and the
    fact that the approvals of foreign exchange during the first
    months of 2003, when exchange controls were put into place,
    were very slow.

                 MERCHANDISE TRADE BALANCE (USD MILLION)
                 ---------------------------------------
                                           January-June
                                2003      2003     2004(6)

    OIL EXPORTS  (A)           22,052    9,353    15,049

    NON-OIL EXPORTS (B)         4,809    2,068     3,016

    TOTAL EXPORTS (C)          26,861   11,421    18,065

    TOTAL IMPORTS (D)         (10,341)  (4,271)  (7,168)

    MERCHANDISE TRADE
    BALANCE (C)-(D)            16,520    7,150    10,897

    (6)  Preliminary figures.

    SOURCE: Central Bank of Venezuela.

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

    ¶10.  (U) Venezuela's balance of payments registered a
    surplus of USD 1.90 billion during the first semester of
    2004, compared with a surplus of USD 2.65 billion during the
    same period of last year.  Higher oil prices, exchange

    controls, and the resulting fall in imports and capital
    flights contributed to these results.  BCV Director Armando
    Leon, in comments to the press on August 2, projected a
    balance of payments surplus of USD 6-7 billion for the whole
    year 2004 if oil prices do not decrease during the rest of
    the year.

                     BALANCE OF PAYMENTS SUMMARY
                            (USD MILLION)
          --------------------------------------------- ---
                                             January-June
                                   2003     2003    2004(7)
    CURRENT ACCOUNT (A)          11,524    4,581    7,086
      EXPORTS, FOB               26,861   11,421   18,065
      IMPORTS, FOB              (10,341)  (4,271)  (7,168)
        TRADE BALANCE            16,520    7,150   10,897
      NET SERVICES AND RENT      (5,003)  (2,557)  (3,694)
      NET TRANSFERS                   7      (12)    (117)
    CAPITAL AND FINANCIAL
    ACCOUNT (B)                  (5,135)    (936)  (4,171)
      DIRECT INVESTMENT           1,338    1,490      640
      PORTFOLIO INVESTMENT       (1,348)     (68)     (41)
      OTHER INVESTMENT           (5,125)  (2,358)  (4,770)
    NET ERRORS AND
    OMISSIONS (C)                  (946)    (994)  (1,013)
    OVERALL BALANCE
    (A)(B)(C)                   5,443    2,651    1,902

    (7)  Preliminary figures.

    SOURCE:  Central Bank of Venezuela.

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

    ¶11.  (U) BCV-held international reserves increased nearly
    continuously after exchange controls were imposed in
    February 2003 until May 2004.  PDVSA's sales of dollars to
    the Central Bank were suspended in order to direct oil
    revenues to a USD 2.0 billion Social Development Fund, the
    creation of which has been very controversial.  The reserves
    dropped USD 2,509 million on August 2, after PDVSA completed
    the buyback of part of its external debt.

               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                 21,623       701       22,324
    FEB                 21,929       702       22,631
    MAR                 22,560       702       23,262
    APR                 23,591       703       24,294
    MAY                 23,453       703       24,156
    JUN                 22,522       704       23,226
    JUL                 23,297       705       24,002

    SOURCE:  Central Bank of Venezuela.

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

    ¶12.  (U) Total ordinary expenditures increased by 81.3
    percent during the period January-May 2004 in comparison
    with the same period of last year.  Increased spending
    during 2004 has continued the same trend of expansion
    initiated in mid-2003.  This has been possible because of
    stronger oil prices, as well as higher collection of
    internal taxes.

                CENTRAL GOVERNMENT FINANCIAL RESULTS

                       (TRILLIONS OF BOLIVARS)
              -----------------------------------------
                                           January-May
                                   2002    2003   2004

    TOTAL ORDINARY REVENUES        27.0     6.9   14.9
       Oil income                  15.5     3.1    6.8
       Non-oil income              11.5     3.8    8.1

    TOTAL ORDINARY EXPENDITURES    31.5     9.1   16.5

    FISCAL DEFICIT                 (4.5)   (2.2)  (1.6)
    Sources: BCV and Metroeconomica

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

    ¶13.  (U) The government actively refinanced 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)
           -------------------------------------------

                                      2003     2004(8)
    FOREIGN DEBT                      33.2     30.1

      CENTRAL GOVERNMENT              23.0     22.8

        RESTRUCTURED DEBT              5.8      5.7
        NON-RESTRUCTURED DEBT         17.2     17.1

      AGENCIES                         1.2      1.2

      PDVSA                            9.0      6.1

    DOMESTIC DEBT (9)                 17.9     21.5
                                      ----     ----
    TOTAL PUBLIC SECTOR DEBT          51.1     51.6

    (8) Projection.
    (9) Includes Central Bank debt.

    SOURCES: Ministry of Finance, Metroeconomica, and Santander
             Investment.

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

    ¶14.  (U) Credit demand increased during the first semester
    of 2004 as a result of the rebound of the economy, although
    at a lower level than 2002.  The percentage of past due
    loans decreased from December 2003 to June 2004.  This
    figure has been decreasing since 2002 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    JUN 04
    Past due loans/
    gross loans                  6.76      4.47      2.81

    Credit portfolio allowance/
    past due loans             132.64    179.50    206.39

    Equity/total assets         16.08     14.44     14.45

    Net financial margin/
    average asset                5.32      6.19      7.01

    Net financial margin/

    average equity              35.65     43.95     52.87

    Net loans/
    total deposits              54.46     36.33     42.41

    Source:  SUDEBAN

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

    ¶15.  (U) The Superintendency of Foreign Investments (SIEX)
    registered new direct foreign investment in the amount of
    USD 170.5 million during the period January-April 2004.
    Although the overall investment climate remains uncertain,
    there are sectors (particularly oil, gas, and
    communications) in which new investments are contemplated.

                      DIRECT FOREIGN INVESTMENT
                          (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)

    2004
    JAN                 55.2
    FEB                 47.0
    MAR                 24.4
    APR                 43.9

    (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 28,595.46 on August 13, 2004, which was the
    working day just before the Presidential Referendum,
    increasing 28.8 percent from its close in December.  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   27,484.76
    MARCH             6,828.04   8,506.59   26,579.69
    APRIL             6,712.57   8,631.60   25,879.34
    MAY               7,422.64  12,799.62   25,405.73
    JUNE              7,452.09  13,666.40   25,285.17
    JULY              7,134.00  14,052.35   25,611.20
    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
    -
    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

    McFarland

    NNNN
          2004CARACA02728 - UNCLASSIFIED

`