Venezuela to sell 15 tonnes of gold to UAE for euros, source tells Reuters

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By Corina Pons and Mayela Armas
Reuters
Thursday, January 31, 2019

CARACAS, Venezuela -- Venezuela will sell 15 tonnes of gold from central bank vaults to the United Arab Emirates in coming days in return for euros in cash, a senior official with knowledge of the plan said, in an effort by the troubled OPEC member to stay solvent.

The sale this year of gold reserves that back the bolivar currency began with a shipment on Jan. 26 of 3 tonnes, the official said, and follows the export last year of $900 million of mostly unrefined gold to Turkey.

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In total, the plan is to sell 29 tonnes of gold held in Caracas by February, the source said, requesting anonymity in order to speak freely. Venezuela had reserves of 132 tonnes between the central bank’s vaults and the Bank of England at the end of November, according to central bank data.

... For the remainder of the report:

https://www.reuters.com/article/us-venezuela-politics-gold-exclusive/exc...

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