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Desperate for cash, Venezuela keeps selling gold
Venezuelan Central Bank Gold Reserves Fall as Maduro Seeks Cash
Tuesday, September 7, 2021
CARACAS -- Venezuela's gold reserves fell by 3 tonnes in the first half of 2021 to their lowest level in 50 years, central bank data showed today, as President Nicolas Maduro's cash-strapped government continues selling gold as a source of income.
The withdrawals in the first six months of the year brought total reserves to 83 tonnes. The once-prosperous OPEC nation's economy is mired in a years-long collapse, starving the government of funds.
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More recently, U.S. sanctions aimed at ousting Maduro have targeted oil exports, further eroding state resources.
Those reserves were valued at $4.9 billion by the end of June, a drop of $187 million from the end of 2020. Last year, the South American country;s gold reserves fell by 19 tonnes. The central bank has not disclosed the buyers of its gold. It and the state gold mining company are also under U.S. sanctions. ...
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