VENEZUELA LOWERS EXCHANGE RATE FOR OIL EARNINGS Venezuela's cabinet approved a new exchange rate for oil and mining export earnings, setting it at 14.50 bolivars to the dollar from 7.50 bolivars previously, Minister Manuel Azpur UA said. Azpur told reporters after a cabinet meeting that the measure is "fundamental to conserving the economic and financial strength of the petroleum industry." He said the new exchange rate, which goes before the central bank for final approval tommorrow, will allow the state oil company Petroleos De Venezuela, S.A.(PDVSA) to solve its problem of working capital and implement investment plans, estimated at 20 billion bolivars for 1987. He did not say when the measure would become effective. Venezuela's oil industry previously sold its dollar earnings to the government at 7.50 to the dollar but bought foreign exchange from its imports at 14.50 bolivars. The new exchange rate will promote purchases of domestic goods and services by the industry, Azpur said. He added that it would also put PDVSA in a position to purchase more government debt bonds. PDVSA had available liquid assets of 20 billion bolivars at the start of this year, of which nine billion were in a trust fund in the Central Bank of Venezuela (BCV) and placed in government bonds. According to a contract between PDVSA and the central bank, the BCV must provide cash as the oil industry requries by repurchasing the bonds. PDVSA's contribution to the treasury last year was 44.480 billion bolivars. It foreign earnings for oil and petrochemcial sales were 8.023 billion dlrs.