Venezuela removed 6 tonnes of central bank gold at turn of year, sources tell Reuters

Section:

By Corina Pons and Mayela Armas
Reuters
Thursday, March 12, 2020

CARACAS -- The Venezuelan government removed some 6 tonnes of gold from the central bank's vaults between late 2019 and early 2020 to raise more hard currency for President Nicolas Maduro's cash-strapped administration, according to two government sources familiar with the movement.

... Dispatch continues below ...



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Last year Maduro's government repeatedly withdrew monetary gold to exchange it abroad for euros in cash, sources said at the time, as falling oil production, an economic collapse, and U.S.-imposed sanctions hit public income and restricted access to credit. The government has never publicly commented on this.

The new removals of gold bars worth about $350 million lowers the central bank's reserves to about 90 tonnes, the sources said, down from 129 tonnes at the start of 2019. ...

... For the remainder of the report:

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

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