Venezuelan president says Russian ruble must become world reserve currency

"Conditions must be created to enable the ruble to become a free reserve currency. When such conditions are created and the ruble becomes a reserve  currency, we will be the first country to invest our funds in the ruble zone," he said.

Russia and Venezuela need to create a financial infrastructure that would allow them  to  strengthen their trade and economic cooperation, Chavez said.

In particular, they need to open a Russian-Venezuelan bank, he said.