From Reuters
Monday, August 17, 2020
CARACAS -- Venezuela's gold reserves fell by seven tonnes in the first half of the year to reach just 98 tonnes, their lowest level in 50 years, according to data published on Monday by the South American country's central bank.
The drop comes as Venezuela, whose key oil industry is under U.S. sanctions, sells its gold abroad to obtain foreign currency amid an economic crisis. The central bank maintained reserves above 350 tonnes until 2015, when the increasingly cash-strapped government began to use gold as a collateral for loans.
... Dispatch continues below ...
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U.S. officials, who are seeking to oust socialist President Nicolas Maduro, have said that Venezuela has used gold to pay for gasoline imports from ally Iran this year as a near-complete breakdown in state oil company Petroleos de Venezuela's refining network led to widespread fuel shortages. ...
... For the remainder of the report:
https://www.reuters.com/article/venezuela-gold/venezuela-central-bank-go... [4]
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