July 25, 2024

Venezuela central bank gold reserves fall to lowest level in 50 years

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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. By Mayela Armas, Corina Pons and Luc Cohen. Full Text-> Reuters

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