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Desperate for cash, Venezuela keeps selling gold

Section: Daily Dispatches

Venezuelan Central Bank Gold Reserves Fall as Maduro Seeks Cash

From Reuters
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. 

... Dispatch continues below ...


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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. ...

... For the remainder of the report:

https://www.reuters.com/article/venezuela-gold/venezuela-central-bank-gold-reserves-fall-as-maduro-seeks-cash-idUSL1N2Q92BL

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