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Venezuela refining gold in Turkey to avoid sanctions
From Reuters
Wednesday, July 18, 2018
CARACAS -- Venezuela's central bank this year began refining gold in Turkey following a wave of international sanctions that have left it unwilling to carry out such operations in Switzerland, the country's mining minister said today.
The central bank for several years has been buying gold from small miners in the south of the country and refining it to be used as monetary gold to shore up its international reserves, which have tumbled as the country's socialist economy implodes.
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"This is an agreement established with Turkey and the Venezuelan central bank," said Victor Cano in a press conference. "It's being done by allied countries because imagine if we sent gold to Switzerland and we are told that it has to stay there because of sanctions."
He did not say which Turkish companies were involved or how much had been refined there, but said the government had purchased 9.1 tonnes of gold from small miners this year.
The gold is returned to Venezuela after being refined in Turkey and becomes part of the central bank's portfolio of assets, he said. ...
... For the remainder of the report:
https://www.reuters.com/article/venezuela-gold/venezuela-says-it-is-refi...
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