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Venezuelan gold reserves drop to five-decade low as withdrawals accelerate

Section: Daily Dispatches

From Reuters
Thursday, February 11, 2021

CARACAS -- The Venezuelan central bank's gold reserves dropped by about 12 tonnes in the last six months to a new 50-year low, according to its 2020 financial statements.

Facing a collapse in oil production and the effects of U.S. sanctions, President Nicolas Maduro's government has continued to use the sale of monetary gold as a source of income.

... Dispatch continues below ...


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Over the course of 2020, reserves from the central bank's vaults in Caracas fell by 19 tonnes. Withdrawals accelerated in the second half of the year, when 12 tonnes were removed.

Reserves have dropped to 86 tonnes, their lowest in 50 years, according to the notes on the bank's financial statements.

Authorities have not provided details on the destination of the gold. ...

... For the remainder of the report:

https://www.reuters.com/article/idUSL1N2KH2BW

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